It has just been announced that UK software and recruitment company Highams Systems Services has sold its Business Solutions (HBS) division to Canadian trade finance technology outfit Surecomp for Ј910,000.
HBS, which markets its Hi-Finance software package to a blue chip client base in factoring of debts, asset-based lending and banking, brought in half-yearly revenues of Ј720,000, up just Ј3,000 on last year, and a profit before tax of Ј284,000, up from Ј204,000.
The net proceeds to the group from the sale are anticipated to be approximately Ј750,000. This will be ploughed back into Highams' recruitment business, which has been the firm's main engine of growth.
Under the terms of the agreement, Surecomp has taken a sub-lease of part of the group's Caterham premises for a period of up to 16 months at a full rental, which has been paid in advance.
