Mirada sells car park payment business for £2.1m
Mirada
1.55p
16:55 16/06/23
Digital television software provider Mirada has sold its payment solutions provider business Mirada Connect, for a cash consideration of £2.1m before expenses, it announced on Friday.
Media
11,855.75
15:09 26/04/24
The AIM-traded firm said Connect was a wholly-owned subsidiary, which provides cashless payment solutions to car park operators in the UK.
Connect was not a core business, the board said, and it operated independently of Mirada's main digital television business.
“Connect has been sold by the Company to PayByPhone UK - part of Volkswagen Financial Services - a market leading pay by phone payment operator for parking, pursuant to the terms of a share sale agreement which, inter alia, contains certain warranties, indemnities and restrictive covenants given by the company,” Mirada said in its statement.
“The company intends to use the net proceeds of the sale of Connect for general working capital purposes.”
In the year ended 31 March, Connect recorded revenue of £0.63m and a profit before tax of £0.12m, and was valued at £0.56m on the firm’s balance sheet.