Coms has said it is looking forward to focusing on its core business, Redstone, after "resolving legacy issues" in the form of winding up a number of its subsidiaries.
In a trading update issued to the London Stock Exchange today, Coms said it has begun a process to close its former telecoms subsidiaries which involve liquidating "all relevant entities". This will "significantly" reduce the number of legal entities it has as part of the group, which it hopes will reduce running costs.
Last March, Coms' then-CEO David Breith left the firm following the news it expected losses of "at least several million pounds" for the year ending 31 January 2015. The firm then sold off its telecoms arm to Timico for £2.5m.
"The company entered into a dispute resolution agreement with Breith, and his connected parties, which has now concluded all disputes between the parties," the statement said.
Its current CEO Mark Braund said the company can move forward after resolving these issues.
"Since taking up my position as CEO, I have been impressed at the extent of the opportunities available to our core business, Redstone," he said. "The business has a sound pipeline and excellent smart building product offerings, which we will seek to develop.
"I am pleased that the group has now resolved the vast majority of the legacy issues which the board inherited. This will enable the management team to focus on developing our core business to generate a return for our shareholders and continue our current momentum towards an exciting and positive future for the group."
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