ICL Plc and Gloucester-based Sherwood Computer Services Plc have formed a disaster standby joint venture company. Peter MacLean, a director of Sherwood, is managing director of the new company which is being formed through the acquisition of the disaster standby business and assets of ICL and Sherwood. Richard Guy, also from Sherwood, will join the new company as a director, as will three representatives from ICL. In 1990, Sherwood’s disaster standby activities made a pre-tax loss of ?242,000 on turnover of ?2.7m. Zero net assets are being transferred and Sherwood will retain the surplus, which at December 31 amounted to ?423,000. Sherwood will receive 25% of the share capital of the joint venture and a maximum of ?525,000 in the period to March 1994 for management and consultancy services. Sherwood will have the right in 1994 to ask ICL to buy its stake for a maximum of ?975,000, and ICL in turn has the right to acquire Sherwood’s shareholding in the company for a maximum of ?1.5m.
