Ravaged UK leasing company IBL Plc, which has hardly had a peaceful week since it came to the London Stock Exchange two years ago, has thrown in the towel on the Personal Computer end of its business, and sold the – loss-making – operations to Asystel SA of Paris. The business had turnover of about UKP10m last year, with bases in the UK, France, Holland and Belgium; it closed the West German end of the business earlier this year, writing off UKP2.5m on the French and German micro businesses alone. The price for the sale was not given, but is likely to have been decidedly nominal. For Asystel, it makes microcomputer distribution its biggest activity; the company doubled profits to about UKP1.8m on sales of about UKP30m last year. Sale of the personal computer business was a key part of new IBL chief Patrice Courbey’s efforts to turn the company around. He has also switched the focus of the US business to broking from leasing and is cutting costs – and staff. IBL made 1986 porfits of just UKP4.5m pre-tax, against City expectations of UKP11m (CI No 693).
Content from our partners
