Live events indie Done and Dusted is leaving parent company DCD Media as part of a deal in which no money will change hands.

The team will transfer its shares - totalling 12.4% of the current share capital issued - to a nominated DCD Media employee share trust. However, beyond this no financial transaction is taking place.

Managing director Simon Pizey and the rest of the team will stay on until 31 December “to ensure an orderly transition”, and will take the brand with them when they leave. Co-founders Ian Stewart and Hamilton Hamish departed earlier this year.

A statement revealed that as a result of the departures DCD, which bought the events specialist Done and Dusted in 2006, would have to write down £1.5m as a goodwill loss, on top of a write down of the same amount made last year.

“The resultant carrying value of goodwill for the operating unit will therefore be nil,” the statement added.

The departures were revealed in the super-indie’s half yearly results, which showed a decline in revenues from nearly £15m in 2010 to £13.7m this year. Gross profit fell marginally from £4.4m to £4.1m, while adjusted EBITDA dropped by a third from £1.2m to £460,000.

DCD Media chief executive David Green said: “Despite the announcement of the intended departure of my colleagues from the Done and Dusted team, and the resulting impact that this decline in turnover will cause, the focus on our core area of content production and improved margins will help to mitigate the impact on level of gross profit during 2012 while the Group continues to build the international dimension of its content business.  

“Senior debt continues to be paid down, and the group working capital has been significantly strengthened by the recent issue of a new tranche of convertible loan notes.  The anticipated subscription of new ordinary shares, due to take place at the end of September, will mark another step towards re-building the core business and streamlining of administration functions.”