Oxfordshire EdTech firm RM offloads subsidiary for £16m

Abingdon firm RM has sold its RM Education wing to The Key Support Services for £16m.

RM has sold RM Education, which includes the brands RM Integris and RM Finance Business, to the London firm following a strategic review focused on reducing debt and strengthening its balance sheet with the deal expected to be concluded in the first half of 2023.

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Neil Martin, Chief Executive Officer of RM, said: "This Sale allows RM to better focus our resources and efforts within RM Technology to take greater advantage of the market opportunity presented by the growth in larger school groups and the increasing use of technology. In addition to its strategic importance, the net proceeds of the Sale will reduce our debt levels across the Group, thereby supporting our transformation strategy to deliver long term value for our stakeholders.

"RM Integris and RM Finance are both good products and will be well placed to develop as part of The Key, which we believe is a good outcome for our customers, employees, and other stakeholders. We thank all our employees for their excellent work, especially those in the RM Integris and RM Finance Business."

A total of £12m will be paid upon completion of the deal with remaining balance paid once competition rules and other conditions have been cleared.

Shares in RM PLC, which is listed on the LSE Main Market, were up ten per cent on Monday.

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