Managed services provider Redstone is offloading the bulk of its Marcom Communications division in a bid to boost efficiency.
The firm has agreed to sell some of Marcom’s key assets to Maintel Europe for £1.75 million (€2 million), in a deal that includes 40 employees and some other maintenance contracts, as the firm seeks to deliver cost savings and focus on higher-margin revenue streams.
Proceeds from the sale will be used to cut the firm’s debt and to fund its long-term development.
Redstone said the assets generated turnover of £3 billion (€3.4 billion) in the year to March 31, and comprise a small part of its Converged Solutions business. Marcom will become dormant following the transfer, it announced.
Boss Tony Weaver said the deal is another step in Redstone’s strategy to release “cash from non-core activities.”