Connect Group PLC Disposal of Books Division to Aurelius (9364E)
15 February 2018 - 6:00PM
UK Regulatory
TIDMCNCT
RNS Number : 9364E
Connect Group PLC
15 February 2018
This announcement contains inside information
Connect Group PLC
('Connect Group' or 'the Group')
Disposal of Books division to Aurelius Equity Opportunities
Further to its announcements on 21 December 2017 (Disposal of
Books Division) and 1 February 2018 (Update on the Disposal of the
Books division to Aurelius Equity Opportunities) Connect Group PLC
announces that it has agreed revised terms and completed the
disposal of its Books division ("Connect Books") to the listed
pan-European mid-market investor Aurelius Equity Opportunities SE
& Co. KGaA ("Aurelius"), for a total cash consideration of
GBP6m which was paid at completion.
The disposal is in line with the Group's announcement at its
preliminary results in October 2017 that Connect Books would be
held for sale and its financial performance excluded from
continuing operations. Proceeds of the sale will be used to reduce
the Group's debt and the Group's attention can now be wholly
focused on the integration and transformation of its core
businesses, comprising Smiths News, DMD, Tuffnells Parcels Express
and Pass My Parcel.
Mark Cashmore, Chief Executive Officer, commented:
"We are pleased to complete the sale of Connect Books to
Aurelius Equity Opportunities. The disposal will allow the Group to
concentrate on its transformation strategy while ensuring the Books
business is able to prosper under new and focused ownership.
The Group will announce its interim financial results for the
six months ending 28 February 2018 on 1 May 2018.
Enquiries:
Connect Group PLC
Mark Cashmore, Chief Executive Today: 020 7466
Officer 5000
David Bauernfeind, Chief Financial Thereafter: 01793
Officer 563641
www.connectgroupplc.com
Buchanan
Richard Oldworth / Jamie Hooper
connect@buchanan.uk.com
www.buchanan.uk.com 020 7466 5000
About Connect Group
Connect Group PLC is a UK based specialist distributor and a
leading provider of distribution solutions in complex and
fragmented markets. The Group's networks are focused on serving
high drop density early morning deliveries, and the demands of
mixed and irregular sized freight.
The Group's core businesses are each leading players in their
markets:
Early Distribution
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 major
national and regional publishers, delivering to approximately
27,000 customers across England and Wales on a daily basis. The
speed of turnaround and density of Smiths News' coverage is
critical to one of the world's fastest physical supply chains.
Pass My Parcel is a wholly owned Click & Collect service
which leverages our combined networks to provide efficient
solutions for online and high street retailers. Its network of
parcelshops provides national consumer reach for deliveries and
returns. Bespoke services for larger clients, serving their early
morning and in-store requirements are a recent development in this
rapidly evolving sector.
Dawson Media Direct supplies newspapers, magazines and inflight
entertainment technology and content to over 80 airlines in 50
countries. Delivering to strict time windows with security
accreditation, DMD serves the specialist needs of airlines and
travel points in the UK and worldwide with printed and digital
media.
Mixed Freight
Tuffnells is a leading distributor of mixed and irregular
freight, serving approximately 5,000 small and medium sized
enterprises across the UK. Its network of 37 depots collects and
delivers mixed parcel freight consignments, specialising in items
of irregular dimension and weight ("IDW"), examples of which
include bulky items, building materials and automotive parts. With
a mix of local and national clients, Tuffnells completes up to
70,000 daily deliveries, offering a range of timed services that
are responsive to customer demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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