MYOB rakes in 1.7m pounds for rest of UK business

MYOB has divested the last of its UK and Ireland businesses, announcing today it has signed an agreement to sell its UK business division to Mamut ASA for £1.7 million in cash.

in brief MYOB has divested the last of its UK and Ireland businesses, announcing today it has signed an agreement to sell its UK business division to Mamut ASA for £1.7 million in cash.

The sale represents the final 10 percent of MYOB's UK and Ireland businesses. The other 90 percent — the Accountants Division — was sold to Wolters Kluwer for £35.5 million earlier this month.

In recent years, the division was not operating profitably according to MYOB. The company now intends to focus on opportunities in Asia and Australia/New Zealand, where the best growth opportunities are to be found according to the company's recent strategic review.

"Following on from our earlier sale of the UK/Ireland Accountants Division, we've achieved a strong price for this final part of our UK operations. Having made the decision exit the market, I am pleased to convert our minor market position into a good return for our shareholders," MYOB CEO Craig Winkler said in a statement.