(Alliance News) - Electra Private Equity PLC on Thursday said it has sold Sentinel Performance Solutions Group Ltd to Dutch industrial technology group Aalberts NV for GBP22.2 million.
Sentinel is a UK manufacturer of products to improve the performance of heating and closed water systems.
The London-based investment trust said it gained control of Sentinel in July 2019 following an initial investment in 2011. It intends to retain "the cash received pending further asset realisations and confirmation of future distributions to shareholders in due course."
Shares in Electra Private Equity were up 6.0% at 390.00 pence in London on Thursday.
In addition, Electra said restaurant chain TGI Fridays opened outside dining at 32 of its 87 sites on Monday due to the relaxation of Covid-19 restrictions in England. It is also planning to open additional new sites in 2021.
Turning to Hotter Shoes, sales in the three months to the end of March were up 6% year-on-year on a like-for-like basis, with direct channels up 34%. Reported earnings before interest, tax, depreciation and amortisation for the quarter was up by GBP900,000 from the same period in 2020.
"As we approach the final stages of our realisation strategy, we are pleased with the ongoing progress of Fridays and Hotter Shoes, both of which have made significant improvements to their businesses in the last 12 months. We are delighted that we have successfully completed the disposal of Sentinel on-time and to plan, despite the challenges of the last year," said Electra Chair Neil Johnson.
By Zoe Wickens; zoewickens@alliancenews.com
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