Business Weekly - Cambridge, UK

The Hemel Hempstead firm said that the C$500m (£232k) consideration would be paid in instalments over a nine-month period and would leave the group’s existing operations with sign-ificantly improved transparency and focus. It added that the group’s full year results would include an asset write down of £312k and a goodwill write-off of £618k.

Legacy reported a disappointing year to March 2007, with sales falling to £2.5m from £4.6m the previous year, making a pre-tax loss of £110k compared to a £678k profit last time, with “little prospect for improvement,” the Air group said.

Chairman of the group, Peter Cowgill said: “The sale of Legacy completes the strategic actions taken this year by the board to address Air group’s under-performing operations. The transparency and key focus of the business is now significantly improved.”