Consignia denies selling GLS and other overseas ops
Consignia, the UK postal service, said it is not selling its overseas businesses, including the General Logistics Services (GLS) division.
“We have no plan to sell our international operations at the moment. They’re not for sale,” a spokesman at Consignia said.
The Observer on Sunday reported that Allan Leighton, the company’s chairman, is planning to sell its business abroad in a deal that could raise about 500 mln stg.
Loss-making GLS is involved in parcel distribution, express and logistics services. It currently employs 11,000 people in 15 European countries.
Last month, it wrote down the value of its exposure to GLS by 258 mln stg to reflect tough trading conditions.
Last year, GLS had a pretax loss of 40 mln stg on turnover of around 600 mln stg.
Consignia, the spokesman said, is currently reviewing its overall business as part of an ongoing three-year recovery plan that involves massive job cuts and the closure of thousands of urban post offices.
