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365Agile to close Nottingham operations

22 August 2016 09:32

365Agile Group has decided to close its Nottingham operations and started consultations with the staff.

The group's board reassessed its strategy to develop a meaningful business in the Internet of Things space following the departure of the chief executive in April.

In particular, the board has considered whether, with continued investment from the income stream generated from the company's licence agreement with Castleton Technology, operations based in Nottingham and trading under the Wireless Things name could become core to the group's future plans.

Based on its assessment to date the board does not believe this to be the case.

Accordingly, a provisional decision has been taken to close the Nottingham operations and a consultation period has commenced with the staff.

The company continues to own the IP to the 365Agile suite of software solutions, however, should the consultation process result in the closure of the Nottingham office and employee redundancies, 365Agile will become an AIM Rule 15 cash shell funded by the ongoing payments it receives from the licence agreement. At 9:32am: (LON:365) 365 Agile Group Plc share price was -7p at 26.5p

Story provided by StockMarketWire.com

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