Kingston in £34m satellite sale

Kingston Inmedia sold in £34m deal

Hull-based telecoms group Kingston Communications has sold its satellite and broadcasting unit for £34m.

The satellite arm, Kingston Inmedia, was bought by the Carlyle Group.

Money raised will be used to repay debts the group has accrued and will allow the firm to focus on growing its business, it said.

Kingston chief executive Malcolm Fallen said in a statement that the company would now be focusing on growing its terrestrial services.

Kingston Inmedia provides enterprise, broadcast and internet solutions to business customers using satellite-based technologies.

The company was hit hard in 2003 when the shock resignation of chief executive Steve Maine caused shares to fall.