Content creation tools group Videndum has sold its consumer-facing tripods and camera mounts business JOBY to shift its focus on the more professional markets.
Source: Sharecast
JOBY has been sold to camera and smartphone accessories company VIJIM for an undisclosed sum, Videndum confirmed on Wednesday.
Videndum's consumer-facing businesses have affected by weak demand in recent years due to the impact of weak consumer confidence and inflationary pressures on disposable incomes.
"This sale supports the company's strategy to focus on core professional markets," Videndum said in a short statement detailing the disposal.
Proceeds will be used for paying down debt, while Videndum will keep JOBY inventory to be "released over time", it said.
Shares were up 5.7% at 52.39p by 0853 BST.
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