The Directors of Broadway Industries Limited on Saturday announced the unconditional sale to management of its H E Perry photographic import and distribution business.

The company stated in a communiqué that the business and certain assets (stock and equipment) have been sold at book values. The sale is effective 30th June 2009.

However, stock not purchased with the business will be sold by the purchaser on a consignment basis. The consideration for the purchase is $1m payable within 15 business days.

Further, an additional $0.5m is expected to be realized over the next 3-6 months as trade receivables are collected and consignment stock sold. The proceeds will be applied to the reduction of debt.

The market experts believes that sale will allow the Group to focus on its core activities within the Mercer Group of companies viz. Stainless steel fabrication and equipment manufacture, manufacture and supply of kitchen, bathroom and laundry products, supply of sterilization and washing equipment.