Business
Sale of Science Warehouse Limited
Sale of Science Warehouse Limited.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 5041G Mercia Technologies PLC 02 March 2018 \n\n\n\n\n\nRNS\n\n\n 2 March 2018\n\n\n\n\n \n \nMercia Technologies PLC\n(\"Mercia\" or the \"Group\")\nSale of Science Warehouse Limited\n \nMercia Technologies PLC (AIM: MERC), the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce the profitable all cash sale of Science Warehouse Limited (\"Science Warehouse\"), one of the Group's leading direct investments, to Advanced Business Software and Solutions Limited (\"Advanced\"), for a total cash consideration of £16.9million. \nMercia will receive proceeds of £10.5million (net of transaction expenses) and will recognise an immediate realised gain of £0.6million, compared with the holding value of £9.9million as at 30 September 2017. The sale represents a return to Mercia of 14.2% on its total investment cost of £9.2million. \nAdvanced is the third largest UK headquartered provider of enterprise software and IT services to both the public and private sectors in the United Kingdom, with clients including Harvey Nichols, NHS Scotland, Sheffield Hallam University and Dart Group Plc.\nEstablished in 2000 and a spinout from the University of Leeds, Science Warehouse is a provider of spend management and eMarketplace systems to commercial, government, higher education, NHS and housing customers. Its Cloud-b...