Better Capital makes £2.9m profit on Calyx disposal

Better Capital Fund I has split its investment in IT services business, Calyx Group, into two parts – Calyx Managed Services and m-hance (presumably deciding that they weren’t “better together”) and has sold off the Calyx Managed Services part to MXC Capital Limited for an enterprise value of £9m. Fund I will get cash of £7.8m and will book a £2.9m profit on disposal. The statement says that m-hance is trading in line with expectations.

They have also commented on trading at Fairline Boats. They say trading conditions are still difficult but the company’s order book is the strongest it has been for two years. they have decided to invest a further £4m to fund cash flow needs, ongoing restructuring costs and development of new products. They also say the process of restructuring continues and Fairline  has successfully moved to a ‘build to order’ model whereby only boats with retail orders and deposits are built, a move considered to be the first of any UK luxury boat builder.

Given the Fairline investment, the Directors have decided that there isn’t sufficient cash in Fund I to justify a distribution to shareholders.

BCAP : Better Capital makes £2.9m profit on Calyx disposal