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Alumasc Group PLC on Friday said it has sold its solar shading systems installer Levolux Ltd to Talrus Ltd, a company associated with London-based private investor Rcapital Partners LLP.
The sum of the transaction is £1.0 million, Alumasc, a supplier of building and engineering products said.
‘Demand for new build architectural solutions has taken longer to recover from the Covid-19 slowdown in Levolux's core UK and US markets, and in the year to June 2022, the business recorded a loss of £2.0 million on sales of £7.8 million. After a review of the business and its prospects, the Alumasc board agreed that Levolux, with its focus on installation, was non-core and it would be better positioned under new ownership. Rcapital is well placed to support the Levolux business and management team to return the business to sustainable profit,’ Alumasc explained.
Meanwhile, the Kettering, South Midlands, England-based company provided a brief update for its financial year ended June 30. It said its results are set to be in line with the board's expectations.
Alumasc plans to release its full-year results on September 6.
Alumasc shares fell 2.9% to 132.50 pence each in London on Friday morning.
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