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May 5, 1997updated 05 Sep 2016 12:34pm

MICROVITEC SELLS OFF LOSS-MAKING SUBSIDIARY

By CBR Staff Writer

The Bradford, England displays manufacturer Microvitec Plc has now sold its loss-making computer hardware maintenance business to Hull-based systems integrator Radius Plc for 650,000 pounds in cash. The agreement leaves the company nursing a net loss on the deal of 1.5m pounds. Radius, which now boast 3,700 maintenance customers, are keen to buy in the extra contracts to improve their own geographic coverage. Microvitec had a poor year in 1996 and its gearing reached alarmingly high levels so it has been engaged in a drive to unload unprofitable subsidiaries. It sold off its loss-making software division CSM to Pegasus Group Plc in March for 4m pounds plus an 8% stake in Pegasus.

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