Homeserve Plc Joint Venture (9967P)
14 February 2019 - 6:30PM
UK Regulatory
TIDMHSV
RNS Number : 9967P
Homeserve Plc
14 February 2019
HOMESERVE PLC
JOINT VENTURE IN JAPAN
LONDON - 14 February 2019 - HomeServe plc ("HomeServe"), the
international home repairs and improvements business, today signed
an agreement with Mitsubishi Corporation ("MC") to establish a
joint venture ("JV") in Japan.
The joint venture will be called HomeServe Japan Corporation and
will be 50:50 owned by HomeServe and Mitsubishi Corporation.
HomeServe Japan Corporation will build a business to provide home
emergency and repair services in electrics, plumbing, gas, heating,
ventilation and air conditioning. The business will be based on a
Membership model, and will also offer on-demand services to
residential customers.
Barry Gibson, Chairman of HomeServe said after the signing
ceremony in Tokyo today: "HomeServe is delighted to have formed
this partnership with Mitsubishi Corporation. MC has unparalleled
relationships and an excellent reputation in Japan and will supply
local market know-how and its high quality management skills to the
JV. HomeServe brings 25 years of experience in helping customers
across the world with home emergencies, repairs and
improvements.
"Japan is the world's third largest economy with 53 million
residential households. Recent liberalisation of the gas and
electricity markets, together with access to the water market for
private concessions, has created a positive environment for
HomeServe's utility branded home assistance model.
"Our priorities are to put in place our start-up staff, work
with MC to identify and sign our first affinity partnerships, and
begin market testing."
HomeServe and MC will each make an initial cash investment of
GBP2 million into the JV.
There are no current profits attributable to the JV and no
assets other than the initial cash investment are being contributed
to it.
About HomeServe
HomeServe is an international home repairs and improvements
business which provides people with access to tradespeople and
technology to run their homes more easily. HomeServe is listed on
the London Stock Exchange, with a market capitalisation of c.GBP3.2
billion. More information about HomeServe's international
partnership strategy can be found at www.homeserveglobal.com.
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business
enterprise that develops and operates businesses across virtually
every industry, including industrial finance, energy, metals,
machinery, chemicals and daily living essentials, having
wide-ranging relationships with public and private utilities in
Japan.
Enquiries
HomeServe Tulchan Group
Martin Robinson
Miriam McKay Lisa Jarrett-Kerr
Miriam.Mckay@homeserve.com homeserve@tulchangroup.com
+44 7795 062564 +44 207 353 4200
Simon Lewis
Simon.Lewis@homeserve.com
+44 7970 840694
Forward-looking statements
This announcement contains forward-looking statements with
respect to the financial condition, results and business of
HomeServe plc. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events, and depend on
circumstances, that will occur in the future. HomeServe's actual
future results may differ materially from the results expressed or
implied in these forward-looking statements. Nothing in this
announcement should be construed as a profit forecast.
ENDS
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END
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