UK-based Wealth Management Software has disposed of its estate agency business for a cash sum of £240,000 to a management buyout team.
The estate agency division, which employes nine staff, incurred a loss of £16,000 before central corporate charges in the financial year ended 31 December 2000 on a turnover of £856,000. Gross assets being disposed of had a net book value as at that date of £248,000.
Paul Newton, chief executive, comments: "The property division of Wealth Management Software has been loss making and non-core to the group's operations. Whilst Matchmaker is an excellent product it is not technically compatible with the company's core Lisa technology and the estate agency market is not a market area that the company wishes to focus on."