JAYWING PLC

Report Publication Announcement • Oct 7, 2013

National Storage Mechanism | Additional information

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RNS Number : 8251P

Jaywing PLC

07 October 2013

Jaywing plc

("Jaywing" or the "Company")

Jaywing plc agrees disposal of Tryzens Ltd for £6 million

Further to the Company's announcement on 3 October 2013, Jaywing announces that it has completed the sale of its e-commerce arm, Tryzens Limited ("Tryzens"), for a total transaction value of £6.0 million in cash. The funds were provided by Scottish Equity Partners to allow for the acquisition of the total share capital of Tryzens through a management buyout.  

As a consequence of the transaction both the outstanding inter-company debt owed to Jaywing by Tryzens and the outstanding Jaywing debt owed to Barclays have been fully repaid, leaving a positive cash balance. The disposal significantly strengthens the balance sheet and allows Jaywing to consider investment in areas of greater strategic interest and which have greater overlap with Jaywing's core marketing business.  In the year ended 31st March 2013, Tryzens generated £0.3 million profit after tax and had net assets of £1.1 million.

Jaywing Chief Executive Officer, Martin Boddy commented, "It has been evident for some time that there are few synergies between the work and clients of Tryzens and those of the plc's marketing company, Jaywing.   While Tryzens has performed well in some difficult trading circumstances, the ability to cross-sell has been limited."

Jaywing has also changed its registered address to Players House, 300 Attercliffe Common, Sheffield S9 2AG.

Enquiries:

Jaywing plc
Michael Sprot (Company Secretary)	Tel: 011 4281 1200
Cenkos Securities plc
Nicholas Wells/Ivonne Cantu (Nomad)	Tel: 020 7397 8900

This information is provided by RNS

The company news service from the London Stock Exchange

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