3rd Nov 2014 07:56
LONDON (Alliance News) - Renew Holdings PLC Monday said it has sold Allenbuild Ltd, part of its specialist building business, in a two-part deal for GBP2.75 million in cash.
Allenbuild has been sold to Places for People Group Ltd in two tranches: half the business now for GBP1.375 million and the remainder after completion of 10 outstanding contracts, expected in around a year.
Until full completion of the sale, Renew said it will retain the benefit of the 10 contracts while PFP will benefit from four new contracts, plus any future new contracts procured.
Renew said it will treat Allenbuild as a discontinued unit, reducing full-year revenue from continuing specialist buildings operations by GBP50 million in 2014 and 2015 but it expects no impact on operating profit from continuing operations in the same period.
By Ian Edmondson
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