IWP sells stake in subsidiary

Industrial holding group IWP has continued with the sale of a majority stake in its Reprocentre subsidiary to a management buyout group for €7.7 million (£6.05 million). The management group will have a 60 per cent stake in Reprocentre, with IWP retaining 40 per cent. As well as the £6 million cash consideration, IWP is also providing a £1.98 million convertible loan note and £70,000 to Kabit, the vehicle being used for the buyout. In the year to the end of March, Reprocentre, a printing equipment supplier, had after-tax profits of £800,000 on sales of £14 million. This is the third disposal by IWP in the space of two months.