CMB : Cambria Africa sells Leopard Rock Hotel
Cambria Africa has released a trading update covering the period up to the end of August 2014. They say their two main investments, Payserv and Millichem, delivered organic revenue and gross profit growth of 11% over the year. Millichem acquired another business, C&M, which is being integrated into the company and expanded its range of suppliers. Payserv’s Tradanet business doubled its loan issuance and Paynet secured a license to operate in Zambia.
Since the end of August Cambria has sold one of its non core assets, the Leopard Rock Hotel (and its associated debt) for $2.5m. They say the hotel was making an EBITDA loss of c$370,000 a year so the sale will have a big positive impact on the group.