News: MBL consider U-Explore stake
MBL Group plc, one of the UK's leading multi-channel distributor of home entertainment products, is considering its options for their investment in innovative Rotherham company, U-Explore.
The announcement was made as part of measures taken in response to Morrisons terminating a contract with MBL for the supply of CDs and DVDs.
In the financial year ended March 2010, approximately 78% of MBL's turnover related to sales to Morrisons and the board is preparing a payment plan for the stock and for immediate downsizing with a significant number of job losses.
The MBL board also announced that it is considering its options for MBL's investment in U-Explore and has entered into early stage discussions with the other shareholders of U-Explore in respect of them acquiring MBL's 15% stake.
The deal was done in June 2010 for a total consideration of £2m and MBL's chief executive, Trevor Allan joined the board of U-Explore.
Based in Templeborough, U-Explore specialises in enabling schools to deliver reality based careers information, advice and guidance. Their U-Explore national school product is an innovative software solution which engages with young people through cutting edge media.
U-Explore website
The announcement was made as part of measures taken in response to Morrisons terminating a contract with MBL for the supply of CDs and DVDs.
In the financial year ended March 2010, approximately 78% of MBL's turnover related to sales to Morrisons and the board is preparing a payment plan for the stock and for immediate downsizing with a significant number of job losses.
The MBL board also announced that it is considering its options for MBL's investment in U-Explore and has entered into early stage discussions with the other shareholders of U-Explore in respect of them acquiring MBL's 15% stake.
The deal was done in June 2010 for a total consideration of £2m and MBL's chief executive, Trevor Allan joined the board of U-Explore.
Based in Templeborough, U-Explore specialises in enabling schools to deliver reality based careers information, advice and guidance. Their U-Explore national school product is an innovative software solution which engages with young people through cutting edge media.
U-Explore website
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