The Banbury-based company, which provides technology solutions to the retail sector – from electronic point of sale systems to back office and analysis systems – has sold a package of businesses, products lines, assets and distribution rights comprising leisure, hotel and digital signage activities to former directors Ed Dayan and Mark Pearman for a maximum consideration of Â£8 million.
Mr Dayan was formerly the chief executive of XN Checkout Holdings plc before it was bought by Torex Retail two years ago. The XN company name will now be resurrected as the trading name for the new venture.
Oliver Brookshaw (pictured), Shoosmiths partner and head of corporate commercial, said: “This latest development represents yet another evolution by Ed Dayan. I am pleased we could assist Ed and Mark at the start of what I am sure will be an exciting new venture for both of them.”
Mr Dayan said: “The buyout gives us a great opportunity to develop these young businesses and we now plan to focus and expand our activities to grow them in the UK and abroad.”
Shoosmiths lawyers have also advised on other recent deals, including Milton Keynes-based Tensator Ltd on the acquisition of its USA-based distributor in a Â£18 million deal; Englefield Capital, a private equity fund company, on its purchase of Oakley Waste Management; City Link courier franchisees on their sales to Rentokil Initial Group in a deal worth Â£32 million.