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CCM hives off distribution in MBO

Transforms itself into an Internet cash shell

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An MBO and a name change will see CCM Distribution re-invent itself as a hi-tech investment house called Fundamental e-Investments and divest itself of its current core business. CCM managing director Brent Cutler will lead the MBO of the computer components distribution arm, which will continue to operate as normal, according to a statement from group chairman Robert Durston. Fundamental e-Investments will hold a stake in CCM, and although terms were not discussed. The investment house will "use its cash to invest in fast growth companies, predominantly, but not exclusively, in the telecom, internet and media sectors," the statement said. As a precursor to the launch of Fundamental e-Investments, CCM has made its first investment and now owns a 34 per cent stake in WAP Integrators, the developer of a WAP-based gambling service. Fundamental e-Investments will be run by CCM founders Peter Kitson and Stuart Willmott. The news of the split came in CCM's financial results statement for the year ending 30 September. Pre-tax profit was £918,844, down on £1.4 million on the previous year. Turnover was £22.9 million, up slightly on 1998's £22.4 million. Back in January, CCM MD Brent Cutler denied rumours that the company was about buy an Internet company. The rumours were fuelled by a sudden rise in CCM's share price. He told The Register: "These take-over rumours are untrue. There is no Internet deal in the offing. We don't know how the speculation started. I think people have misinterpreted what's going on and think we're going to buy an Internet company." He also said: "If people think you are about to be a dot.com company, you become more valuable." ® Related Stories Net rumours boost CCM share price CCM dips toe in e-commerce waters Seagate MBOs HDD business at rock-bottom price

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