Johnson Service Group PLC, the textile related services and facilities management Group, announces the disposal of part of the business and assets of Johnson Hospitality Services to the Spaceworks Furniture Hire Ltd Group of Companies for a total cash consideration of £0.8 million. As indicated in September, trading at JHS continued to be difficult despite undergoing rationalisation and restructuring. The remaining part of JHS is expected to be disposed of, or closed, by the 31st December 2006, with no additional impact on the numbers stated below.
The total loss is estimated at some £10.2 million, of which £8.4 million are non-cash items. The trading loss for JHS for the year is approximately £2.3 million, which will be classed as discontinued.
For further information, please contact:
Johnson Service Group PLC
Simon Sherrard, Chairman
Jim Wilkinson, Chief Financial Officer
Telephone: 020 7290 0390
Hudson Sandler
Michael Sandler
Sandrine Gallien
Telephone: 020 7796 4133