7th Mar 2006 13:46
Rentokil Initial PLC07 March 2006 Rentokil Initial plc 7 March 2006 DISPOSAL OF MANNED GUARDING OPERATIONS IN THE UK Rentokil Initial plc ("Rentokil") today announces that it has sold its UK mannedguarding business, Initial Security Limited ("ISL"), to MITIE Group PLC ("MITIE"), a UK business support services organisation. The total consideration is£74.8 million comprising £59.1 million for the equity of the business and netdebt of £15.7 million as at 25 December 2005. ISL is a leading provider of manned guarding services in the UK, with some 6,000security officers operating from a national network of 18 branches. For thefinancial year to 25 December 2005 it had a turnover of £130.7 million andgenerated a profit before tax of £4.5 million. Doug Flynn, Chief Executive of Rentokil Initial, commented: "The sale of ISL reflects our continued focus on those areas of our businesswhere we believe we can generate the greatest shareholder value. ISL is a highquality business with a good market position and a strong management team;however, we believe that MITIE should be better able to realise its fullpotential. We continue to explore the possible disposal of our manned guarding operationsin North America and Belgium". Ends Enquiries Lisa Williams, Rentokil Initial plcTelephone: +44 (0)20 7866 3000Mobile: +44 (0)7980 895419 Kate Holgate, Brunswick GroupTelephone: +44 (0)20 7404 5959 Note to Editors: Rentokil Initial plc is one of the largest business services companies in theworld, operating in all the major economies of Europe, North America, AsiaPacific and Africa. The company has some 90,000 employees providing a range ofsupport services in over 40 countries where the 'Rentokil' and 'Initial' brandshave come to represent innovation, deep expertise and consistent quality ofservice. Services include pest control, tropical plants, hygiene services,facilities services, electronic security and parcels delivery. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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