Affinity Internet Offloads ISP Business
Posted: 12th Mar, 2003 By: MarkJ
Affinity Internet, which is perhaps best known for supplying unmetered ports etc. to a number of UK companies and ISPs, has offloaded its Internet business to Cleverview Investments:
Affinity disposed of its two internet businesses - Affinity Internet Limited and Sonnet Internet Limited - to Cleverview Investments for £250,000. Ruislip-based Cleverview, which incorporated in January, will assume all debts related to these businesses.
The internet businesses accounted for much of Affinity's balance sheet woes and without them, it won't be too far off break-even.
The company generated total revenues of £57.2m in the nine months to 30 September 2002 and reported a pretax loss of £6.5m. Its internet units accounted for £10.6m of turnover - about 19% of its revenues - but operating losses weighed in at £6.5m.
Never the less Affinity has stated that it will continue to sell white-label integrated communications services using the familiar breathe brand ISP. More @ netimperative.info .
Affinity disposed of its two internet businesses - Affinity Internet Limited and Sonnet Internet Limited - to Cleverview Investments for £250,000. Ruislip-based Cleverview, which incorporated in January, will assume all debts related to these businesses.
The internet businesses accounted for much of Affinity's balance sheet woes and without them, it won't be too far off break-even.
The company generated total revenues of £57.2m in the nine months to 30 September 2002 and reported a pretax loss of £6.5m. Its internet units accounted for £10.6m of turnover - about 19% of its revenues - but operating losses weighed in at £6.5m.
Never the less Affinity has stated that it will continue to sell white-label integrated communications services using the familiar breathe brand ISP. More @ netimperative.info .
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