Aukett sells 49% of Italian jv

Aukett, the listed architecture practice, has sold 49% of its 50% interest in its Italian joint venture Aukett and Garretti to its partner DIGIT for £148,600 in cash.

On completion, Aukett's share of the jv's net assets was £44,000. The jv generated a profit of £11,500 for Aukett in the period from 1 October to the completion of the sale.

Aukett and the jv will continue to work together to secure work in Italy.

Aukett chairman and chief executive Jose Luis Ripoll said: "We are excited to be entering a new phase in our relationship with our Italian partner that will enable us to continue operating effectively in Italy with reduced risk to the core UK business."