Tech firm disposed of in £2m deal

A technology salary sacrifice provider has been acquired for £2m after its former parent group looked to simplify its structure,

Personal Group, the workforce benefits and services provider, has announced the disposal of Bromsgrove-based Lets Connect to SME HCI Limited (trading as The Perkbox Vivup Group).

After undertaking a strategic review, Personal Group says the strength of its combined insurance and benefits platform means that the disposal will simplify the group and allow for a greater focus on core operations.

Let’s Connect has had a challenging period after a long-term scheme with a major client came to an end in March 2023. Its employees will transition into Perkbox Vivup’s operating structure.

For the year ended 31 December 2023, Let’s Connect delivered a turnover of £11.1m and £300k of profit before tax to the group. The value of net assets on disposal was £700k (excluding cash balances).

Paula Constant, Chief Executive of Personal Group, commented: “As previously announced, our strategy review has validated the strength of our insurance and benefits platform offerings. This deal enables a greater focus on these core areas of our business and we are committed to the execution of our strategy for accelerated growth. We are delighted to have secured such a well-suited home for the Let’s Connect team and customers.”