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(Alliance News) - Xeros Technology Group PLC on Tuesday said it has transferred its UK hospitality laundry customers to WashCo Ltd as part of strategy of reducing physical presence and implementing a licensing model.
The company, which provides water saving and filtration technologies, has granted exclusive rights to WashCo for managing the servicing of Xeros' hospitality laundry customers in the UK. The company's hospitality laundry division is branded Hydrofinity.
WashCo, based in Newbury, UK, specialises in the installation and maintenance of industrial laundry equipment throughout the UK.
"Following our recent agreements in the US, initially to outsource our service obligations and then to sell our customer lease contracts, this is another step in the migration of our Hydrofinity business towards a full licensing model," said Xeros Chief Executive Mark Nichols.
No financial details of the contract were disclosed.
London-listed shares in Xeros were up 4.6% at 6.80 pence each on Tuesday.