One of the largest new entrants to the conveyancing market in recent years has scaled back its operations and been sold back to its original owner.
We reported earlier in the week that Indeed Online PLC had taken the decision to cut its Directors pay following disappointing second half results.
Today they announced that the conveyancing arm of their business Runnett & Co has been sold back to its co-founder Matthew Lewis for £1.
The business has also agreed to pay Mr Lewis £325,000 to fund working capital/restructuring costs.
The decision is subject to shareholder approval at a general meeting.
Following the completion of the Runnett disposal, IOL will hold net cash of £900,000 and no debt as well as tax losses amounting to approximately £2.77m.
What will this mean for the future of Runnett & Co?