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Bonhill Group PLC on Friday said it has sold its Business Solutions & Governance division for £723,000 in cash to Stubben Edge Group Ltd.
Bonhill Group PLC is a London-based media company specialising in business information, events and data analytics. Its BSG division comprises brands, including SmallBusiness.co.uk, GrowthBusiness.co.uk, Information-Age.com, and DiversityQ which includes the 'Women in&' events series.
In financial year 2021, the BSG arm reported revenue of around £2.4 million and earnings before interest, tax, depreciation and amortisation of around £400,000.
The consideration payable comprises of an initial payment of £650,000 for the division's core trade and assets. The £73,000 balance will be payable to reimburse Bonhill for any deposits paid to secure venues less any advanced revenue received.
Bonhill said it plans to use the proceeds to invest in live events, global environmental, social and governance initiatives, content marketing solutions and general working capital purposes.
It added that the sale will also save the company around £600,000 in annual cost savings, from streamlining central support headcount, reduced office space and lower IT costs.
Bonhill expects the full benefit of the sale to be felt in 2023.
Chief Executive Officer Patrick Ponsford said: ‘We are pleased to have concluded the sale of the brands in the Business Solutions Division. Following completion, Bonhill is a global financial services specialist, expanding its product offerings and building expertise in its core markets in the US, UK, Europe and Asia.’
Bonhill shares were untraded at 5.00 pence each in London on Friday morning.
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