Hyve has announced the disposal of ITECA LLP, the operating company for 25 of the group's non-core, regionally focused events in Kazakhstan, to ICA (JV) Limited, a company owned and operated by a former consultant to Hyve in the region. This completes the group's planned exit of its business in Central Asia.
In the financial year ended September 30, 2020, the Kazakhstan events portfolio generated revenues of approximately £2.1m and reported an operating loss of approximately £0.6m. At this point in time, gross assets were approximately £7.6m and net assets £2.8m. The group's current expectation for consideration receivable is between £4.8m and £5.8m over a five to seven year period. The amount of the consideration and timing of payments varies by reference to the performance of the Kazakhstan business.