1st Dec 2015 12:49
LONDON (Alliance News) - Saga PLC on Tuesday said it has struck a deal to sell its Allied Healthcare business to Aurelius Group, the European investment company.
Saga will get up to GBP19.0 million from the sale of the business and will make a one-off, GBP10.0 million contribution to the Allied Healthcare pension fund.
Saga expects to recognise a small net profit on the sale in the financial year to the end of January 2016.
"Allied remains a market leader in the provision of domiciliary care to local authorities and the NHS. However, as outlined earlier this year, it does not fit with the Saga business model," said Lance Batchelor, Saga's chief executive.
Shares in the over-50s products and services provider were down 0.7% to 211.50 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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