30th Sep 2013 08:16
LONDON (Alliance News) - St Ives PLC said Monday that it had sold its digital- and commercial-printing business St Ives Direct Bradford Limited to Cogent B2B Limited for GBP8 million.
GBP3 million will be payable immediately, and the further GBP5 million will be deferred consideration, payable in 24 monthly instalments starting in November. St Ives said that SIDB posted revenues of GBP35.0 million and pretax profits of GBP1.2 million in the year ended July 27.
The company will retain ownership of the property currently occupied by SIDB, and it says that proceeds from the transaction will support further development of its business.
"Following a fundamental realignment of our businesses, in which we have built a substantial and broadly-based marketing services offering while moving away from commoditised print, it is clear that SIDB no longer fits within our new structure and will benefit from alternative ownership," said Chief Executive Patrick Martell.
"This effectively completes the exit from our non-core printing operations, and
allows us to focus wholly on strengthening our marketing services offering and
remaining print businesses, in line with our stated strategy," Martell said.
Shares in St Ives were trading up 1.7% at 174.10 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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