Proventec 300
PROVENTEC, the Liverpool specialist cleaning company, has sold its stake in Dutch company Magma Firestop.
The firm develops a range of fire retardant coatings for the treatment of building and thatching materials.
Rodney Street-based Proventec declined to reveal the disposal price but said the proceeds will be used to develop its core business. Magma has been sold to AD Research & Development, part of a Dutch-based chemicals group, and Proventec chief executive David Chestnutt said: “The board continues to follow our strategy of exiting non-core investments.”
Proventec develops steam cleaning technology used mainly in hospitals to eradicate “superbugs” such as MRSA and c.difficile.
It has recently revamped its finances after agreeing a debt for shares swap with its largest shareholder, Netherlands-based InnoConcepts NV, which held more than 75% of loan notes in the company.
The deal left Proventec with about £7m of debt and provided a £2.5m cash boost.
