The Channel logo

News

By | Paul Kunert 11th May 2012 14:19

RM dumps cash-bleeding ISIS Concepts onto ex-owner

Here, mate, you can have this one back

RM has offloaded its loss-making classroom furniture biz ISIS Concepts to its former owner and current managing director Nick Topliss for £205,000.

This is the last divestiture for the troubled education IT supplier which last September began closing or flogging parts of the business it deemed non-core to improve its financials.

The sale of ISIS Concepts to ISIS Concepts Holdings, newly established by Topliss, follows an "extensive marketing process", said RM in a statement to the City.

Topliss was boss at ISIS when RM first acquired it in May 2009 for £2.69m and acted as MD for nearly the last three years.

RM said its former boss Robin Sirs, who left the company last year, is expected to invest in ISIS in the "near future".

The firm revealed that ISIS has been loss-making in the year to date and RM has agreed to stump up a short-term working capital loan facility of up to £850,000, "secured on a freehold property and value assets valued in excess of that figure".

"This disposal completes the disposal programme announced in the strategic review," said RM. ®

comment icon Read 4 comments on this article alert Send corrections

Opinion

Blood image

Trevor Pott

Can the storage giant overcome a lack of necessary leadership?

Chris Mellor

Why overlapping kit from a merger equals a disaster in waiting
management cloud2

Gavin Clarke

The executioner turns gambler as HP's PCs are set to go

Features

No, silly... he was the fall guy for years of Finnish folly
Fraud image
Frodo and the Ring
Microsoft's strategy is to make Store apps popular. Good luck with that