Silvermines is searching for acquisitions following the sale of the UK manufacturing and distribution parts of its security division and their related Belgian and Dutch sales businesses for £5.6m.
The disposal, to Swedish-owned company Bewator Cotag, will see Silvermines increasingly focus on two core divisions: broadcast and tele-communications, and video technology.
Part of the security division, which consists of businesses selling directly to end users, is being kept to form the basis of a video technology division.
Ian Scott-Gall, chief executive, said the sale more or less completed the group’s disposal programme.
`Together with the proposals to dispose of the UK aerospace and electrical divisions, it will allow the group to focus on its core operations and should put us in a much stronger position from which to grow,’ he said.
The businesses sold by Silvermines are involved in the manufacture and sale of CCTV security products. Last year they made a pre-tax loss of £1.1m on turnover of £12.4m. The sale price is a discount to net asset value of £7.1m.