30 Jun 2017 13:50
Connect Group PLC
(the "Company")
Completion of the sale of Education & Care division to RM plc
Further to the previous announcements of 7 February 2017 and 1 June 2017, the Company is pleased to announce that the sale of its Education & Care division to RM plc has completed today.
The Company will use the cash proceeds from the disposal to reduce Group borrowings. This will provide greater flexibility in the pursuit of developing the capabilities of the businesses within the News & Media and Parcel Freight divisions to secure further efficiencies and generate organic growth opportunities.
Mark Cashmore, Group Chief Executive, commented:
"We are pleased to announce the completion of the sale of our Education & Care division to RM plc. I would like to thank the employees of the Education & Care division for their contribution to the success of the Group and wish them well under RM's ownership".
Enquiries:
Connect Group PLC Mark Cashmore, Group Chief Executive David Bauernfeind, Chief Financial Officer www.connectgroupplc.com
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01793 563641 |
Buchanan Richard Oldworth / Jamie Hooper connect@buchanan.uk.com www.buchanan.uk.com
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020 7466 5000 |
About Connect Group
Connect Group PLC is a leading specialist distributor operating in large and diverse markets. The Group has three separate divisions, connecting suppliers to customers in an efficient, knowledgeable and service oriented way:
· Connect News & Media - Encompassing: Smiths News, Dawson Media Direct and Pass My Parcel. 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 majority of the major national publishers as well as a large number of regional publishers serving approximately 30,000 customers across England and Wales on a daily basis, including large general retailers as well as smaller independent newsagents with approximately 40 million newspapers supplied weekly. Dawson Media Direct is an international media direct business supplying newspapers, magazines and inflight entertainment technology and content to over 80 airlines in 50 countries. Pass My Parcel, a wholly-owned 'click and collect' delivery service, operated by the Smiths News business, has a network of over 3,000 parcel shops and clients which include Amazon and ASOS.
· Connect Parcel Freight - Tuffnells is a leading provider of next-day B2B delivery of mixed parcel freight consignments, specialising in items of irregular dimension and weight ("IDW"), examples of which include bulky furnishings, building materials and automotive parts. Tuffnells offers distribution coverage throughout the UK through a network of 37 depots and operates a largely depot-to-depot operational model, delivering over 13 million consignments per annum, through a wide range of services to over 4,500 customers focusing on SMEs.
· Connect Books - Combining a number of recognised brands in print and digital bookselling, including Bertrams, Dawson Books and Wordery. A leading distributor of printed and digital books, the division supplies a mix of traditional and online booksellers, academic and public libraries and direct to consumer through Wordery.