Marketing services group The Marketing Group PLC (NASDAQ OMX:TMG) has further trimmed its portfolio of companies.
Creative Insurgence, a specialist in marketing for bars, clubs and restaurants, is being sold back to co-founder Aaghir Yadav, who will return 900,000 ordinary shares in the company as part of the deal, the firm said in a statement.
The deal has been backdated to January 1 so any losses will not affect TMG.
Adam Graham, TMG’s chief executive, said Creative Insurgence was acquired by the former management at TMG but would be better placed as a standalone entity though it added that the two companies will continue to work together on some projects.
A second company, Black Marketing, is being wound up following the departure of its principal Chris Reed.
Black Marketing, a specialist LinkedIn marketing agency based in Singapore, was loss making and not considered appropriate to be part of TMG, the statetement said.