Connect Group sells Books division for £6m
Connect Group has agreed revised terms and completed the disposal of its Connect Books division to Aurelius Equity Opportunities for a total cash consideration of £6m.
In a statement issued today (15 February), Connect Group said that proceeds of the sale will be used to reduce the Group’s debt. Connect Group said that the sale also meant that its attention “can now be wholly focused on the integra
tion and transformation of its core businesses, comprising Smiths News, DMD, Tuffnells Parcels Express and Pass My Parcel”.
Mark Cashmore, Chief Executive Officer, commented: “We are pleased to complete the sale of Connect Books to Aurelius Equity Opportunities. The disposal will allow the Group to concentrate on its transformation strategy while ensuring the Books business is able to prosper under new and focused ownership.
Connect Group added that it will announce its interim financial results for the six months ending 28 February on 1 May.