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Network Group Holdings (NGH:LSE) the staffing and outsourcing services provider is to sell subsidiaries Executive Network Legal Ltd. and Total Employment Ltd. to NGH Director and shareholder Jonathan Smith for a total consideration of 2 million Pounds, International Business Times reports.
The two businesses generated revenues of 1.24 million Pounds and lost a 102,000 Pounds in the year to November 2008. The loss has increased since then.
Pertemps Investment Ltd., a major shareholder in Network Group Holdings has agreed to acquire at face value the debt due from Executive Network Legal and Total Employment to the group, resulting in cash inflow to Network Group of 600,000 Pounds.
Network Group Holdings is likely to sell a third as yet unnamed subsidiary for around 35,000 Pounds.
In early trading Network Group Holdings' shares were unchanged at 15 Pence.