Acal plc (LSE: ACL), a specialist provider of technology products and services across Europe and South Africa, today announces that it has completed the sale of its subsidiary, ATM Parts Company Limited ("ATM Parts"), to Cennox plc, a UK based ATM services and technology company, for a consideration of £0.7 million on a debt free, cash free basis.

ATM Parts, which is a leading purveyor of ATM parts, parts support solutions and associated technology is a non core business within Acal Supply Chain division. The disposal will allow Acal Supply Chain to focus on its core business of supplying IT spares and outsource solutions for technology service companies.

Following completion, there will be a small one off adjusting settlement for the movement in net assets since 31 March 2010. At that date, ATM Parts had gross assets of £1.5 million (excluding cash and inter-company debtors). For the six months ended 30 September 2010, ATM Parts incurred unaudited pre tax losses of £0.2 million on revenues of £1.8 million (pre tax losses of £0.5 million on revenues of £3.3 million for the year ended 31 March 2010).

The sale proceeds will add to Acal's existing cash resources.

Nick Jefferies, Group Chief Executive said: "This is another important step for Acal as we continue to streamline the Group and focus our operational activities on our core businesses, whilst also increasing our cash resources." 

Brian Higgins and Tim Ritchie of Rickitt Mitchell advised Acal plc on the sale of ATM Parts Company Limited.