4th Jan 2005 07:00
Johnson Service Group PLC04 January 2005 4 January 2005 Johnson Service Group PLC Acquisition of Dewhirst Corporate Clothing (DCC) Limited Johnson Service Group PLC ("Johnson") announces the acquisition of thecorporatewear business of the Dewhirst Group Limited. Johnson will acquire, on adebt free basis, the entire issued share capital of Dewhirst Corporate Clothing(DCC) Limited ("Dewhirst") which will comprise only the corporatewear divisionfollowing the transfer of its other trading activities elsewhere in the DewhirstGroup prior to purchase by Johnson. The consideration payable is £22.5 millionin cash on completion, including £1.3 million for a freehold property, plus upto £1.25 million of deferred cash consideration dependent on the signing ofspecific additional customer contracts by Dewhirst within the next 12 months. Dewhirst provides corporatewear to a number of the UK's leading financialservices providers and other businesses in the hotel and leisure sectors. The corporatewear division of Dewhirst had turnover and EBIT for the year endedJanuary 2004 of £21.8 million and £2.8 million respectively with net assets atthat date of £7.4 million. The acquisition is expected to be earnings enhancingin the current financial year. Johnson Group CEO Stuart Graham said: "This acquisition complements our existingcorporatewear businesses of CCM, Dimensions and Yaffy, the latter two havingbeen acquired during 2004. We have increased our market penetration and serviceoffering, with sales in this sector rising from around £20 million two yearsago to a run rate in excess of £90 million." David Toon, Managing Director of the Johnson Textile and Hospitality ServicesDivision, added: "We are now the clear market leader in the provision ofclothing for people at work in the UK. The division comprises exciting anddynamic brands committed to delivering excellence in customer service andproduct quality. The strong management team will provide the platform forcontinued growth as well as an opportunity to move into the European market atthe appropriate time." Johnson will issue its pre-close trading statement on 12th January 2005. For further information, please contact: gcg hudson sandler Johnson Service Group PLC Sandrine Boussard Stuart Graham, CEOJames Benjamin Jim Wilkinson, CFOTelephone: 020 7796 4133 Telephone: 0151 933 6161 Website: johnsonplc.com Notes to editors - The Johnson Service Group The Johnson Service Group is a support services business with two principleactivities: Textile and Hospitality Services and Facilities Management. Over the last 2 years the Company has been extensively overhauled under theleadership of Chief Executive Stuart Graham and his strengthened managementteam. They have developed and grown the Group's core activities through acombination of strategic acquisitions and organic growth. Textile and Hospitality Services includes some of the industry's leading names.Johnsons Apparelmaster is Britain's leading workwear rental business; CCMspecialises in the manufacture and sourcing of workplace garments; Dimensions isthe country's leading supplier of corporatewear; Stalbridge Linen is Britain'sleading supplier of linen and chefs' wear to the leisure, professional cateringand corporate hospitality sectors; Johnson Hospitality Services is the Britishmarket leader in the hire of catering equipment, hospitality furniture andrelated items to sporting, entertainment and similar events. Johnsons Cleaners,Britain's No. 1 drycleaning brand, and Sketchley, provide a nationwide networkof circa 600 retail drycleaning shops. Jeeves of Belgravia provides an exclusiveand bespoke drycleaning service within the London area. Johnson Workplace Management, provides a comprehensive range of services basedon a unique business model. This focuses on management, property expertise andthe provision of a wide range of support services to FTSE businesses, nationalcompanies and institutions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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