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May 31, 1988

FOUR SEPARATE UK PUBLIC FLOTATIONS IN THE PLAN AFTER ICS LTD MANAGERS’ BUYOUT

By CBR Staff Writer

Leasing and services company Integrated Computer Systems & Cybernetics Ltd – better known as ICS – has changed hands in an estimated UKP10m management buy-out deal which includes restructuring the company around its four main activities: large systems, small systems, communications and DEC rentals. The Kingston – upon – Thames – based leasing company says it plans to expand its individual operating areas and float each one separately on the London Stock Exchange over the next five years, the first to come in approximately two years’ time. The large systems are based on IBM’s large mainframes while the small systems are based on IBM Systems 36 and 38. Both operations include software, maintenance, cabling, facilities management, finance, disaster recovery and consultancy services. The communications division will offer a networking consultancy service aimed primarily at large multi-national companies, while the remaining division will concentrate on leasing the full range of DEC computers. Chairman Leonard Bartlett, together with executives John Evans, John Smart and Iain MacKintosh own 62%, and the original founder of the ICS group, Goran Gavner, retains a 38% interest. The company expects turnover for the year to June 1988 to be UKP50m with pre-tax profits of UKP2m. Financing for the buy-out was provided by merchant bank Guinness Mahon. ICS was at pains to point out that Atlantic Computers Plc’s bid for ICS AB in Sweden (CI No 934) and the latter’s winding up did not affect the UK operation in any way.

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