5th Nov 2024 11:38
(Alliance News) - Christie Group PLC on Tuesday announced it has sold Orridge Holdings Ltd to RGIS Inventory Specialists Ltd for GBP5 million.
Christie is a London-based provider of professional services for customers in the hospitality, leisure, healthcare, medical, childcare, education and retail sectors. Orridge was the group's retail stocktaking business.
Chief Executive Officer Dan Prickett said: "Following a review of its performance and potential future funding requirements within the Christie Group, the board unanimously concluded that we should explore opportunities for divesting the Orridge brand.
"We are therefore delighted to have completed a sale which eliminates the exposure to the group of future operating losses from the brand, while providing Orridge's clients and staff with the opportunity to benefit from being part of RGIS's commitment to their own international expansion strategy and the enhancement of their service proposition in their key European markets."
Orridge Holdings held gross assets of GBP4.5 million and generated a loss before tax and extraordinary items of GBP1.2 million for the year ended December 31, 2023.
The sale involved an upfront cash payment of GBP4 million, to be followed by up to a further GBP1 million in retained consideration 12 months after the transaction has been completed.
Shares in Christie were up 16% at 107.50 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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