Camco sells UK advisory business to Baxi Partnership

Clean energy developer Camco has sold its UK advisory business, Camco Advisory Services, to Baxi Partnership.

The business was successfully turned around from making a loss in 2009 to profitable in 2010 and 2011, with a net profit before tax in 2010 of around £500,000.

The sale follows a review by the Camco board in which the UK advisory business was considered to be outside the company’s core business of clean energy project development and carbon.

Total consideration for the sale of Camco Advisory Services is £4.5m, comprising an initial £3.25m paid on closing and £1.25m over the next two years through an earn-out structure