Technology for Business Plc, which inter alia is big in vertical market systems for the legal profession and is a manufacturer in a small way through its Rair subsidiary, has turned out to be a financial black hole for its new owner, CLF Yeoman Plc, which acquired the company last year through its acquisition of leaser CLF Group Plc. CLF Yeoman is having to make a rights issue to raise UKP15m to cover the unforseen losses, taking provisions of UKP12m for them, and has put the company up for sale. Technology for Business set up a fast moving items business at the beginning of the year, and as a first step, has closed it at the cost of 14 jobs. At the right price, Logitek Plc might be interested in Technology for Business, since both are big in Altos Computer and Wyse Techno logy machines. The losses are understood to be made up of UKP6m in unrecoverable business and another UKP6m to write the subsi diary down to zero. CLF Yeoman make take legal action over the unexpected shortfall; finance director Tony Simkin resigned.
