Cornerstone FS PLC (AIM:CSFS) has announced the successful completion of the sale of Avila House Ltd to Aspire Commerce Ltd following regulatory approval from the Financial Conduct Authority (FCA).
The foreign exchange and payments company has received £300,000 in cash as consideration for the sale.
Furthermore, the company has confirmed that it has started generating revenue under its 12-month software licensing agreement with Aspire, as previously announced in December 2022.
In a statement, Cornerstone CEO James Hickman said: "We are pleased to have completed this sale and to realise value from the disposal of a subsidiary that could no longer contribute to our business. This deal is particularly strong as we are also generating revenue from licensing our platform to the buyer. The proceeds will be used to bolster our existing cash resources as we continue to drive our business forward."
The sale of Avila is a part of Cornerstone's strategy to focus on its core business and strengthen its financial position. The company intends to use the proceeds from the sale to invest in growth opportunities and expand its operations in the foreign exchange and payments market.
The completion of the sale and the commencement of revenue generation under the licensing agreement are significant milestones for Cornerstone as it continues to pursue its growth objectives in the competitive financial services industry.