LONDON (Reuters) – Daily Mail and General Trust (DMGT) <DMGOa.L>, publisher of Britain’s Daily Mail newspaper, has handed Xceligent, its struggling United States property information business, over to liquidators, it said on Friday.
Last month DMGT launched a strategic review of Xceligent.
“Following completion of the strategic review, the Board of Xceligent, Inc. has decided to file for Chapter 7 liquidation,” DMGT said.
Full responsibility for all current litigation involving Xceligent will be assumed by a Chapter 7 trustee.
DMGT said financial guidance issued for full-year 2018 on Nov. 30 remains unchanged.
It said the adjusted operating margin of DMGT’s B2B portfolio of businesses was still expected to be in the mid-teens, including Xceligent’s closure costs. Further exceptional cash costs relating to Xceligent were not anticipated.
(Reporting by James Davey; editing by Kate Holton)