Outsourcery inks Vodafone finance deal as selloff rumours grow
Firm says it’s preparing to restructure and dispose of non-core assets
Sickly slinger of cloud services Outsourcery has signed a finance deal with Vodafone to keep the wolves from the door as it prepares to restructure – or do what some are interpreting as readying itself for a sale.
The AIM-listed bringer of infrastructure, apps and UC services revealed at the start of this week it is again facing liquidity issues after pre-announcing calendar year 2015 sales that were well out from early estimates.
Sales for 2015 came in at £8.1m, up nine per cent year-on-year, but this was short of earlier forecasts of first £11.1m and then £8.5m and indicated shrinkage in the second half of the year. As a result, the firm said it was forced to consider restructuring and the disposal of non core assets.
Outsourcery told the City today it had struck a deal with principal secured lender Vodafone for the terms of a new conditional drawdown working capital facility, subject to meeting Ts&Cs including appointing a “proposed” non-exec director.
The company said the funds give it space to “seek to undertake a realisation of the principal assets of the company in the immediate term”.