- Specialist asset manager Mercia said it had sold performance management data business Clear Review to Advanced Business Software and Solutions for up to £26 million.

Mercia said it held a 4.0% direct holding in Clear Review at the date of sale and would receive cash proceeds of £1 million, representing a two-times return on its investment and a 72% internal rate of return.

The sale would also generate an eight-times return on Mercia's EIS managed fund investment cost and a 122% fund internal rate of return.

Clear Review was first backed by Mercia's managed funds in 2018 and became a direct investment for the company in June 2019.

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