Business
Completion of Sale of Avila House Ltd.
Completion of Sale of Avila House Ltd..
About this update from Finseta Plc
[{"type":"text","content":"\n\nCertain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (\"MAR\") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.\n \n27 April 2023\n \nCornerstone FS Plc\n(\"Cornerstone\" or \"the Company\" or \"the Group\")\n \nCompletion of Sale of Avila House Ltd.\n \nFurther to the Company's announcement of 23 December 2022, Cornerstone FS Plc (AIM: CSFS), a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, is pleased to announce the completion of the sale of Avila House Ltd. (\"Avila\") to Aspire Commerce Ltd. (\"Aspire\") following the receipt of regulatory approval from the Financial Conduct Authority. In accordance with the terms of the share purchase agreement, the Company has now received £300,000 in cash in consideration for Avila.\n \nAdditionally, the Company confirms that it commenced, in January 2023, generating revenue under its 12-month software licencing agreement with Aspire, as described in the Company's announcement of 23 December 2022.\n \nJames Hickman, CEO of Cornerstone, said: \"We are pleased to have completed this sale and to realise value from the disposal of a subsidiary that could no longer contribute to our business. This deal is particularly strong as we are also generating revenue from licencing our platform to the buyer. The proceeds will be used to bolster our existing cash resources as we continue to drive our business forward.\" \n \n \nEnquiries \n \n\n\n\nCornerstone FS Plc \n\n\n+44 (0)203 971 4865 \n\n\n\n\nJames Hickman, Chief Executive Officer \nJudy Happe, Chief Financial Officer \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSPARK Advisory Partners Limited (Nomad) \n\n\n+44 (0)203 368 3550 \n\n\n\n\nMark Brady, Adam Dawes \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSP Angel Corporate Finance LLP (Broker) \n\n\n+44 (0)203 470 0470 \n\n\n\n\nJeff Keating, Harry Davies-Ball \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGracechurch Group (Financial PR) \n\n\n+44 (0)204 582 3500 \n\n\n\n\nHarry Chathli, Claire Norbury \n\n\n\n\n\n\n \n \nAbout Cornerston...