Watchstone disposes of property and maintenance services businesses to management
Watchstone said it has sold its property and maintenance services businesses for £1.
The former Quindell group said it has sold its BE Insulated and Carbon Reduction Co subsidiaries to a company owned by their management.
Watchstone said that the companies have been loss-making since their acquisition in March last year.
It said the disposal will save the company £1.5m-£2m a year.
Watchstone expects an overall loss on disposal of about £4.2m for the year to December. This includes £4.3m goodwill which was already written off in the first half of the year.
Watchstone chief executive Indro Mukerjee (pictured) said: “The strong focus on quickly addressing losses is central to our work and we’ve been making good progress overall. We’ve acted with integrity and speed to realise significant cost savings, while removing liabilities and enabling us to continue with the further work on the transformation of Watchstone”