Mission Marketing offloads BroadCare to Carehome Selection

Mission Marketing has sold its BroadCare business to Carehome Selection - part of the CHS Healthcare - for £4.4m in cash, it announced on Monday.

The AIM-traded company said BroadCare, a component of its fuse innovation incubator, was a “comprehensive tracking and reporting system” specially designed for managing all aspects of NHS-funded continuing healthcare.

It described it as a software innovation developed by the group to automate an “otherwise unwieldy” process, and had gone on to be “widely adopted” by clinical commissioning groups and commissioning support units across the United Kingdom.

Given its specialist nature and the constraints in moving the appeal of the software beyond its current client base, the board of Mission Marketing had concluded that BroadCare was “non-core” to its main activities, and better suited to an organisation already providing a wide range of services to the NHS.

In the year ended 31 December, BroadCare - which is run by Nicola Joyce - provided a profit contribution to the group of £0.5m.

The £4.4m cash consideration, subject to any working capital adjustments, would go to reducing the group's net indebtedness and to funding further innovations within its fuse incubator.

“Since creating fuse last year, we have taken a close look at the innovative products within the group to determine how best to maximise value from them,” said chairman of the Mission Marketing Group, David Morgan.

“We are delighted to see the crystallisation of significant value from our first product and wish Nicola Joyce and her team every success with CHS.”