Hyve Group plc has announced the sale of its Ukrainian business in a management buyout.
Hyve announced the sale of Premier Expo to managing director of the Ukranian business Anatoly Sushon on 19 July.
In a statement to the London Stock Exchange, Hyve said: “Hyve will receive up to £3m via an earnout consideration which shall be paid annually until September 2027 based on the profitability of the Ukrainian business. At a time when due to the ongoing conflict no events can be held, Hyve has agreed to support the Ukrainian business with funding of up to £1.2m to be repaid by September 2027, also dependent on future profitability.”
CEO of Hyve Group plc, Mark Shashoua, said: “Premier Expo, our Ukrainian business, has been a valued part of Hyve for over 20 years. We care deeply about the employees and their families and have supported them through these challenging times. Both parties believe that by transitioning ownership to the experienced and committed local management team, the business will have the agility to recover for the future. We look forward to extending our support to Anatoly and his team through continued cooperation and our international network wherever we can.”