Disposal
06 Dezembro 2000 - 5:00AM
UK Regulatory
RNS Number:3017V
Johnson Service Group PLC
6 December 2000
JOHNSON SERVICE GROUP PLC
DISPOSAL OF DIMENSIONS CORPORATEWEAR
Johnson Service Group PLC, the UK's largest workwear rental company, announces
the sale of the assets and business of Dimensions Corporatewear ("Dimensions")
to a new company set up by the Managing Director of the business and Gresham
Trust for a consideration of #14.6 million in cash with a subsequent cash
adjustment dependent on the level of net assets at completion.
Dimensions was a division of Semara Holdings PLC which Johnson Service Group
acquired in February this year for #95 million. Dimensions designs, sources
and sells corporatewear in the UK, an activity which does not fit in with
Johnson's core strategy.
Profit before tax for the year ended 31 March 2000 was #1.7 million and net
assets at that date were #10.4 million. The effect of the disposal is broadly
neutral on earnings and the proceeds of sale will be used to reduce
borrowings.
Richard Zerny, Chief Executive, Johnson Service Group PLC said: "The disposal
of Dimensions is in line with our stated strategy at the time of the
acquisition of Semara. The integration of Semara is progressing extremely
well and we are working to achieve the maximum benefit from the significant
opportunities we have created over the last few years."
Enquiries: Richard Zerny, Chief Executive
Johnson Service Group PLC
Tel: 0151 933 6161
Michael Sandler / Wendy Baker
Hudson Sandler
Tel: 020 7796 4133
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