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Mission Marketing Sells BroadCare Business to Carehome Selection.

M2 EQUITYBITES-November 13, 2018-Mission Marketing Sells BroadCare Business to Carehome Selection

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13 November 2018 - UK-based marketing communications and advertising group The Mission Marketing Group plc (AIM: TMMG) has sold its BroadCare business to Carehome Selection Ltd., part of the CHS Healthcare group, for GBP 4.4m (USD 5.71m) in cash, the group said.

BroadCare, a component of the group's fuse innovation incubator, is a comprehensive tracking and reporting system specially designed for managing all aspects of NHS-funded continuing healthcare.

A software innovation developed by the group to automate an otherwise unwieldy process, it has gone on to be widely adopted by Clinical Commissioning Groups and Commissioning Support Units across the country.

Given its specialist nature and the constraints in moving the appeal of the software beyond its current Client base, the board concluded that BroadCare was non-core to the group's main activities and better suited to an organisation already providing a wide range of services to the NHS.

In the year ended 31 December 2017, BroadCare, which is run by Nicola Joyce, provided a profit contribution to the Group of GBP 0.5m.

The GBP 4.4m cash consideration (subject to any working capital adjustments) will go to reducing the group's net indebtedness and to funding further innovations within the group's fuse incubator.

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Publication:M2 EquityBites (EQB)
Date:Nov 13, 2018
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