23rd Mar 2005 07:02
Homeserve Plc23 March 2005 HOMESERVE PLC - SALE OF COMMERCIAL BUSINESSES Homeserve plc, the home emergency service company, today confirms that it hascompleted the disposal of its remaining commercial outsourcing businesses. Thissuccessfully concludes the programme of disposals of those of the Group'sbusinesses not directly involved with the provision of insured repair servicesto domestic customers. On Tuesday 22 March 2005, Middleton Maintenance Services Ltd was sold to theexisting management for a cash consideration of £1.2m. On Wednesday 23 March,Onsite South Limited and Onsite Central Limited (OnSite) were sold to SouthStaffordshire Plc for a cash consideration of £4.0m. The loss on disposal of these companies was £14.5m including goodwill writtenoff at £13.6m. As a result of the sale of these businesses, Robert Harley, Managing Director ofOnSite will resign as an executive director of Homeserve on 24 March 2005. Speaking of the disposals, Brian Whitty, Homeserve's Chairman said; "I am very pleased to report these disposals, which, together with the disposalof Doorman Services announced in January 2005, complete our strategy ofdisposing of our commercial outsourcing businesses. This will enable us to focuson our core business of providing insured repair solutions to domestic customersthrough affinity partners. "As a result of the disposals, Robert Harley will be stepping down as a directorof Homeserve. On behalf of the Board, I should like to thank Robert for hiscontribution to the success of the Group during his four years as a director andto wish him well for the future." 23 March 2005 Enquiries:Homeserve plcBrian Whitty, Executive Chairman Tel: 01922 427900Andrew Belk, Group Finance Director TulchanAndrew Honnor Tel: 0207 353 4200William Davidson This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSV.L