ME Group firm sells Sempa to Food Machine Invest for EUR4.6 million

(Alliance News) - ME Group International PLC on Wednesday said its subsidiary ME Group GSS sold its entire interest in Sempa SAS to Food Machine Invest for EUR4.6 million.

Following a review of Sempa's operations, Epsom, England-based vending machine operator ME Group decided to sell the business and focus on ME Group's core activities, which is to site and operate automated-vending equipment in return for commission and/or fixed fee.

ME Group acquired Sempa in 2019. Since then, it has recovered the acquisition fee through Sempa's profit contribution, resulting in ME Group booking no material write-downs as a result of the deal. ME Group continues to operate 441 freshly squeezed orange juice machines in Japan.

ME Group intends to reinvest the sale proceeds in the continued growth of its core business areas of photobooths and laundry operations, which both delivered strong growth throughout its financial 2023.

"Modernisation and digitalisation of the business continue to be a strategic long-term focus," the company said.

Shares in ME Group were down 0.8% to 167.24 pence each in London on Wednesday morning.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

ME Group