Digital radio brand Pure who have struggled to get traction due in part to the product being distributed by Pioneer, is up for sale.
The Company that is owned by UK technology company Imagination Technologies was a favourite of the speciast channel but not the mass channel where the Company struggled with their wireless speakers.
At one stage several mass retailers in the USA including Best Buy stripped the Pure Jogo multi room speakers from their stores due to poor sales and an “aweful” name.
Imagination, which makes the graphics for smartphones and tablets, said it felt there were “more appropriate owners” for Pure.
Shares dropped 7% as the firm also issued a profit warning and said its long-serving boss had stepped down.
Sir Hossein Yassaie left Imagination after 18 years as chief executive.
He said: “It’s now time for someone else to lead this great company.
“Imagination is now one of the genuine UK-headquartered companies with significant global influence and impact.”
The company, which is part-owned by Apple, said it expects to make a loss this year amid a slowdown in royalties from key customers and uncertainty in China.
Imagination is targeting $40Mm in cost savings next year and has launched a full review into the business.
Sir Hossein, who was knighted in 2013 for services to technology, has long defended the continued ownership of Pure radio, even though Imagination’s core business is graphics and video processors for smartphones, gaming devices, and TVs.
Andrew Heath, previously an executive at Rolls-Royce, will be interim chief executive while the company looks for a replacement.
