Connect Group PLC Update on the Disposal of the Books Division (5581D)
February 01 2018 - 2:00AM
UK Regulatory
TIDMCNCT
RNS Number : 5581D
Connect Group PLC
01 February 2018
This announcement contains inside information
Connect Group PLC
("Connect Group" or "the Group")
Update on the Disposal of the Books division to Aurelius Equity
Opportunities
We refer to our announcement of 21 December 2017 that we had
signed an agreement ("SPA") to dispose of our Books Division (the
"transaction") to the listed pan-European mid-market investor
Aurelius Equity Opportunities SE & Co. KGaA (together with its
subsidiaries and affiliates, "Aurelius") and our subsequent
announcement of 22 January 2018.
Connect Group announces that Aurelius failed to complete the
transaction before the agreed deadline of midnight on 31 January
2018, as it was obligated to do under the terms of the SPA. As a
result, Connect Group is considering with its advisers what action
it will now take in light of this development.
The Books division continues to be classified as 'held for sale'
for accounting purposes, and it remains 'business as usual' for its
staff and management team as it focusses on delivering great
service to meet customers' and publishers' needs and requirements,
supported in the meantime by the Group's strengths and
capabilities.
Enquiries:
Connect Group PLC
Mark Cashmore, Chief Executive
Officer
David Bauernfeind, Chief Financial
Officer 01793 563641
www.connectgroupplc.com
Buchanan
Richard Oldworth / Jamie Hooper
connect@buchanan.uk.com
www.buchanan.uk.com 020 7466 5000
About Connect Group
Connect Group PLC is a UK based specialist distributor and a
leading provider of distribution solutions in complex and
fragmented markets. The Group's networks are focused on serving
high drop density early morning deliveries, and the demands of
mixed and irregular sized freight.
The Group's core businesses are each leading players in their
markets:
Early Distribution
Smiths News is the UK's largest newspaper and magazine
wholesaling business with an approximate 55 per cent. market share.
It distributes newspapers and magazines on behalf of the major
national and regional publishers, delivering to approximately
27,000 customers across England and Wales on a daily basis. The
speed of turnaround and density of Smiths News' coverage is
critical to one of the world's fastest physical supply chains.
Pass My Parcel is a wholly owned Click & Collect service
which leverages our combined networks to provide efficient
solutions for online and high street retailers. Its network of
parcelshops provides national consumer reach for deliveries and
returns. Bespoke services for larger clients, serving their early
morning and in-store requirements are a recent development in this
rapidly evolving sector.
Dawson Media Direct supplies newspapers, magazines and inflight
entertainment technology and content to over 80 airlines in 50
countries. Delivering to strict time windows with security
accreditation, DMD serves the specialist needs of airlines and
travel points in the UK and worldwide with printed and digital
media.
Mixed Freight
Tuffnells is a leading distributor of mixed and irregular
freight, serving approximately 5,000 small and medium sized
enterprises across the UK. Its network of 37 depots collects and
delivers mixed parcel freight consignments, specialising in items
of irregular dimension and weight ("IDW"), examples of which
include bulky items, building materials and automotive parts. With
a mix of local and national clients, Tuffnells completes up to
70,000 daily deliveries, offering a range of timed services that
are responsive to customer demand.
This information is provided by RNS
The company news service from the London Stock Exchange
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