Renew paid 拢14.8m to acquire Forefront in to move into a new sector of the energy market, but failed to make a go of it.
In the last financial year, Forefront made a pre-tax loss of 拢2.8m on 拢23m turnover.
Forefront has been sold to Ferns Group for what was described as 鈥榓 de-minimis consideration鈥�. The deal includes Renew being relieved of any ongoing liability for Forefront.
Renew said: 鈥淭he decision has been taken to dispose of Forefront in order to allow management to focus on the continuing growth opportunities within the remaining parts of the group.鈥�
Renew will book a 拢9m hit on the disposal, which will be shown as an exceptional item in its next accounts.
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