CloudCoCo Group to Sell IT Services Business for £7.85M

CloudCoCo Group (GB:CLCO) has released an update.

CloudCoCo Group PLC has announced the conditional sale of its IT managed services business, CloudCoCo Limited, to Aspire Technology Solutions for a net cash consideration of approximately £7.85 million. This strategic move aims to eliminate the company’s long-term debt and refocus on expanding its e-commerce and product reseller operations, despite a challenging fiscal year marked by rising costs. Shareholder approval for this transaction will be sought at a General Meeting on October 31, 2024.

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