K3 老九品茶 Technology Group is to de-list from the AIM market of the London Stock Exchange.
K3, which has offices around the world, provides 鈥榤ade-to-measure鈥� software solutions for the fashion and retail industry.
The Manchester-headquartered business is set to return 拢29m to shareholders following the divestment of its NexSys Solutions subsidiary to global ERP software provider SYSPRO for 拢36m in cash.
It has now proposed the cancellation of its shares from public trading while it has no plans to replace CEO Eric Dodd when he retires at the end of September.
Dodd joined the company as CFO in April 2023 and later that year replaced Marco Vergani as CEO.
鈥淭he board does not intend to appoint a successor to Eric, and the remaining business unit heads will report directly to the board,鈥� K3 stated in April.
K3 serves more than 3,000 customers across 20 countries but saw revenue from continuing operations drop to 拢23.2m in the 12 months to 30th November 2024, compared with 拢31.3m in the prior year.
Adjusted operating losses narrowed to 拢1.1m from 拢1.4m.
It has a products division and third-party solutions division.