Login or request a free trial

Brief: Factoring firm CML to sell non-core payroll ops

Factoring and receivables finance outfit CML Group Limited has entered into a binding agreement with Ayers Management Pty Limited to sell its payroll business, Lester Associates. Ayers have exclusivity until 31 July 2016 to complete the transaction, which CML estimated will deliver around A$3.5 million in cash, $1.8 million of which will be for goodwill. The sale is part of CML's plan to exit non-core businesses, to free up management time and working capital for growth of its business finance brands, the company said via an ASX announcement yesterday.

I'm a returning subscriber

Password reset
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day