CORETX Holdings sells subsidiary for £1 to chief tech officer

Managed service provider and data technology network CORETX Holdings is to sell its subsidiary CORETX Media for £1 to its chief technology officer, who is stepping down to develop the media business.

Matt Hawkins is to leave the company with immediate effect in order to focus full-time on building a business within CORETX Media

CORETX bought the subsidiary as part of the C4L Group Holdings acquisition in February and was established by Hawkins to deliver network and related services.

Due to the nature of CORETX Media’s business operations and commercial activity, the company decided to pay only £1 with CORETX also providing fibre, network connectivity and other services.

Chief executive Andy Ross, said: "We wish Matt every success and are excited that CORETX can continue to support him going forwards, helping to develop CML by providing a range of value-add network related services.”

The company also said its current chief operating officer Simon Mewett is stepping down from his post, having seen the integration of C4L into CORETX Holdings.

Shares CORETX Holdings were up 0.72% to 251.80p at 1003 BST.