RM deconstructs LEGO business

Embattled education supplier finds home for unwanted assets

RM's jumble sale has continued with the disposal of its LEGO distribution business.

The embattled education supplier announced in September that it would sell off a collection of non-core bric-a-brac to help it save £35m.

Since then, the London-listed outfit has hawked its US arm, Computrac, for £3m – representing a £2m loss on the price it paid for it in 2008 – and its Australian business to Civica for an estimated £0.9m.

Now it has found a new home for Dacta and its minority shareholding in the LEGO Education Europe joint venture.

Dacta was a LEGO distributor before LEGO Education Europe was established but still provided support for the joint venture.

Certain of its non-core assets have been sold for €0.27m to Tolo Toys Learning, for whom it was a distributor, while the LEGO Education Europe support assets will transfer to LEGO.

RM has sold its 49 per cent stake in LEGO Education Europe to LEGO A/S for €4.4m.

The assorted assets involved in these transactions contributed £1.2m to RM's pre-tax profits for the year to 30 September 2010.