Agile365 confirms Nottingham closure

Agile365 has confirmed this morning that it is to close its Nottingham operation – and may have to seek readmission to AIM.

Wireless Things was bought by Agile365 in February last year. The firm specialises in the manufacturing of ‘internet of things’ products.

A statement from Agile365 said: “Further to the announcement dated 22 August 2016, following the completion of the consultation, the Board has decided to close the Nottingham operations and staff have been given formal notice of termination of employment.

“The Company continues to own the IP to the 365Agile suite of software solutions and will continue to receive the payments due from its licence agreement with Castleton Technology.

“The Company is now deemed to be an AIM Rule 15 cash shell and has six months to make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules or otherwise seek readmission as an investing company with the attendant requirement to raise at least £6m on or immediately before such readmission.”