In three months - everything has changed at Renaissance
It's been a good few months for the folks at Auckland based technology distributor, retailer and trainer Renaissance.
12th April
The company announced that it had been selected as one of the all-important all of Government suppliers. The win was specifically as a supplier of Apple equipment and was trumpeted as a big win for the embattled organisation.
Read our story here.
27th April
The company announced a mixed result with its Yoobee retail chain underperforming, distribution continuing to challenge and a good result from the ex-Natcol education division. At the time the company had already indicated it's interest in selling the distribution business, but progress seemed slow to find a suitor.
Read our story here.
21st June
The company announced the proposed sale of their distribution business to Exeed. With a price of $2.3 million placed on the goodwill, fixed assets of $570,000 and stock worth $2.5 million it's a game changer for both the seller and the buyer. The move would halve Renaissance's balance sheet and allow them to focus on just retail and education.
Read our story here.
3rd July
The company announced that insurers have made another payment relating to material damage from the Christchurch Earthquakes to the company's Retail and Education operations. The payment received this month was $785,000 including GST. This is in addition to over $2.51 million in insurance payments announced in the companies half year result in April.
Read our story here.
6th July
The company announced that as a result of a special shareholder meeting the resolution to sell its distribution business to Exeed had been approved.
Today we've written a story about how much eXeed paid for the business.
