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June 25, 1987


By CBR Staff Writer

Ambitious Romford-based financial computer bureau operator Sherwood Computer Services Plc is diversifying with the acquisition of Mitronix Computing Ltd, and it is also creating a new company, Sherwood Network Services. Sherwood is paying an initial UKP545,000 in shares for Mitronix and will make further payments, also in shares, according to future performance. In the year to September last, Mitronix did UKP75,000 pre-tax on turnover of UKP900,000. Sherwood Network Services will initially be 64%-owned by Sherwood, which will hold 568 B shares, while Mitronix directors and holders will receive 263 A shares. Sherwood retains the option to buy out the minority in the company in 1991.Sherwood Network Services will be a service provider on the ICL-Geisco INS value-added network for its Brokernet service, used to link motor insurance brokers. Sherwood Network Services will provide services such as recoding, to translate customers’ own code sets into recipient customers’ code sets. Validation is part of the translation. Mailshotting is another service the company will provide as well as electronic mail. The company is not restricted to the INS network and is also looking at providing services to health authorities.

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