Personal Group disposes of salary sacrifice division

Workforce benefits and services provider Personal Group has disposed of its salary sacrifice division for a total upfront consideration of £2.0m on a cash-free, debt-free basis.

Personal Group said on Wednesday that it had sold Lets Connect IT Solutions to SME HCI, trading as The Perkbox Vivup Group, in order to further strengthen its balance sheet and provide additional support to ensure it has the offerings and focus to exploit what it sees as a "considerable opportunity ahead".

The AIM-listed firm highlighted that for the year ended 31 December 2023, Let's Connect delivered turnover of £11.1m and £300,000 of pre-tax profits. The value of net assets on disposal was roughly £700,000.

Chief executive Paula Constant said: " As previously announced, our strategy review has validated the strength of our insurance and benefits platform offerings. This deal enables a greater focus on these core areas of our business and we are committed to the execution of our strategy for accelerated growth. We are delighted to have secured such a well-suited home for the Let's Connect team and customers."

As of 1105 BST, Personal Group shares were down 0.03 % at 168.95p.

Reporting by Iain Gilbert at Sharecast.com