Posted on November 5, 2018 by staff

Software group sells loss-making digital division for £1


AIM-listed software group Idox plc has sold its digital division to an award-winning digital marketing agency.

Fat Media, which specialises in website design, eCommerce, digital marketing, graphic design and mobile apps, has paid a nominal cash sum of £1 to buy the business.

Idox’s digital division specialised in providing digital consultancy services to private sector clients.

For the financial year to 31 October 2017, the business recorded a pre-tax loss of £3.2 million.

In a London Stock Exchange statement, Idox said the disposal allows the group to focus on its core operations and further improvements in its operating model.

Led by CEO David Durnford and managing director John French, Fat Media operates from offices in Lancaster, Bristol and London.

The company has worked with national business like retailer Lakeland and hotel group Yotel.