January 11 (SeeNews) - UK's Watchstone Group plc (LON:WTG) has disposed of its property and maintenance services businesses after recent unexpected legislation changes in the funding of green, solar and other initiatives hit trading in their markets.
The firm said Friday it has agreed to sell BE Insulated UK Ltd (BEI) and Carbon Reduction Company UK Ltd (CRC) for GBP 1 to a company owned by Ben Williams -- a statutory director of the two businesses -- from whom it acquired the 50% it did not own in BEI and all of CRC in March 2015.
Watchstone said that the decision to dispose of the businesses for a nominal sum instead of shutting them down was made mindful of BEI and CRC's 62 employees, its creditors and other liabilities. BEI mainly deals with property insulation supply and installation and CRC offers property maintenance services.
The disposal of the two loss-making businesses is expected to save Watchstone between GBP 1.5 million (USD 2.2m/EUR 2m) and GBP 2 million per year.
(GBP 1.0 = USD 1.457/EUR 1.338)