Connect Group PLC Update on the sale of Education & Care division (7751J)
30 June 2017 - 10:50PM
UK Regulatory
TIDMCNCT
RNS Number : 7751J
Connect Group PLC
30 June 2017
Connect Group PLC
(the "Company")
Completion of the sale of Education & Care division to RM
plc
Further to the previous announcements of 7 February 2017 and 1
June 2017, the Company is pleased to announce that the sale of its
Education & Care division to RM plc has completed today.
The Company will use the cash proceeds from the disposal to
reduce Group borrowings. This will provide greater flexibility in
the pursuit of developing the capabilities of the businesses within
the News & Media and Parcel Freight divisions to secure further
efficiencies and generate organic growth opportunities.
Mark Cashmore, Group Chief Executive, commented:
"We are pleased to announce the completion of the sale of our
Education & Care division to RM plc. I would like to thank the
employees of the Education & Care division for their
contribution to the success of the Group and wish them well under
RM's ownership".
Enquiries:
Connect Group PLC
Mark Cashmore, Group
Chief Executive
David Bauernfeind, Chief
Financial Officer
www.connectgroupplc.com 01793 563641
Buchanan
Richard Oldworth / Jamie
Hooper
connect@buchanan.uk.com 020 7466
www.buchanan.uk.com 5000
About Connect Group
Connect Group PLC is a leading specialist distributor operating
in large and diverse markets. The Group has three separate
divisions, connecting suppliers to customers in an efficient,
knowledgeable and service oriented way:
-- Connect News & Media - Encompassing: Smiths News, Dawson
Media Direct and Pass My Parcel. Smiths News is the UK's largest
newspaper and magazine wholesaling business with an approximate 55
per cent. market share. It distributes newspapers and magazines on
behalf of the majority of the major national publishers as well as
a large number of regional publishers serving approximately 30,000
customers across England and Wales on a daily basis, including
large general retailers as well as smaller independent newsagents
with approximately 40 million newspapers supplied weekly. Dawson
Media Direct is an international media direct business supplying
newspapers, magazines and inflight entertainment technology and
content to over 80 airlines in 50 countries. Pass My Parcel, a
wholly-owned 'click and collect' delivery service, operated by the
Smiths News business, has a network of over 3,000 parcel shops and
clients which include Amazon and ASOS.
-- Connect Parcel Freight - Tuffnells is a leading provider of
next-day B2B delivery of mixed parcel freight consignments,
specialising in items of irregular dimension and weight ("IDW"),
examples of which include bulky furnishings, building materials and
automotive parts. Tuffnells offers distribution coverage throughout
the UK through a network of 37 depots and operates a largely
depot-to-depot operational model, delivering over 13 million
consignments per annum, through a wide range of services to over
4,500 customers focusing on SMEs.
-- Connect Books - Combining a number of recognised brands in
print and digital bookselling, including Bertrams, Dawson Books and
Wordery. A leading distributor of printed and digital books, the
division supplies a mix of traditional and online booksellers,
academic and public libraries and direct to consumer through
Wordery.
This information is provided by RNS
The company news service from the London Stock Exchange
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