Technology firm sold in £2m deal

The technology payroll provider has been acquired for £2m after its previous parent group decided to simplify its structure,

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

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

Let’s Connect has been going through a difficult period following the end of a long-term program with a major client in March 2023. Its employees will move to the Perkbox Vivup operational structure.

In the year ended 31 December 2023, Let’s Connect generated turnover of £11.1m and pre-tax profit of £300k for the group. The net asset value at the time of sale was £700k (excluding cash balances).

Paula Constant, CEO of Personal Group, commented: “As previously announced, our strategy review has confirmed the strength of our insurance and benefits platform offering. This agreement enables us to increase our focus on these core areas of our business and we are committed to executing our accelerated growth strategy. We are delighted to have secured such a well-suited home for the Let’s Connect team and our clients.”