International professional recruiter Harvey Nash has sold its loss-making German telecoms outsourcing business Nash Technologies. 

This includes the subsidiaries Nash Technologies Stuttgart and Nash Innovations.

The business was identified as non-core during a strategic review last year, and in September this year, following the merger of its largest client, the firm reported the business was loss making. 

An announcement to the stock exchange this week said Nash Technologies was sold to its chief executive Udo Nadolski by way of a management buyout for a total consideration of €27.6k (£19.9k).

Nadolski assumes working capital liabilities to a maximum of €2.3m and has agreed to pay an additional maximum of €9m based on performance plus other costs borne by Harvey Nash, such as restructuring charges. 

Nadolski also agreed that, should the business be sold before December 2022, Harvey Nash would be paid €2.3m of any net proceeds plus 50% of proceeds subject to the €9m cap.

Harvey Nash is providing Nash Technologies with a €2.3m loan to cover product investment and property costs. 

Recruiter contacted Harvey Nash for more information but had not heard back by deadline.