Castle Street Investments, an Edinburgh-based company, announced at the AIM exchange the intention of acquiring the IT outsourcing organisation Selection Services Limited.

The Edinburgh-based company aims to raise £30m from investors to acquire the entire IT outsourcing company.

According to the Daily Record, Selection Services has been losing money during the last years.

“Most recent accounts, covering the 2014 year to June 30, show a pre-tax loss of £4.88 million on sales of £36.3 million”.

“The company had reported a £3.88 million pre-tax loss on sales of £33.4 million in restated 2013 accounts”.

“Castle Street Investments proposes to acquire this company the business for an aggregate consideration of £34.8 million on a cash-free, debt-free basis”, the Daily Record adds.

The first stage of this process will be completed by 21 January after the issuance of the new shares.

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