Compel has sold off the Dublin based subsidiary of Info'Products, the company it bought late last year for one whole pound.
The Irish company, Info'Products Ireland (IPI) has been sold for IR£1.4 million to Decision Support Systems. The disposal was decided upon as IPI was deemed to be a "non core" operation, according to a statement issued by Compel on Friday.
"Compel's strategy is to focus its activities exclusively on major corporate end users in the UK and it meets the international needs of these customers through global alliance. Within this context, and as IPI is small and non core, Compel concluded that it should dispose of this Irish business," the statement said.
This reflects Compel's desire to pare the Info'Products business back to those areas where it can compete more effectively.
IPI came into being in July 1997 and unaudited results for the year ending 31 December, indicated a IR£200,000 profit from turnover of IR£10.3 million. The company had net assets of IR£600,000 for the same period.
When the Compel/Info'Products deal went through last year, Compel was effectively paid £18 million to take the Info'Products UK off the hands of the IP Group.
It was a deal soon surrounded by controversy, with around 50 ex-IP sales staff joining forces to sue both Compel and IP for unpaid commission.
In the week following the Christmas & New Year holiday 150 staff were laid off from IP in one fell swoop.
The Compel statement also says that the integration of IP into the Compel business is going according to plan: "Compel is pleased to confirm that this process is proceeding according to plan. Trading across the remainder of the Group is in line with management's expectations and accordingly the Board looks forward to another successful year."
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