The Board of Alba has announced that it has successfully completed negotiations for the proposed sale of the Group's leisure division. The proposed disposal is conditional upon the approval of shareholders.
The proposed sale of the leisure division is for a total consideration of £51.5m to be paid in cash. The purchaser is Rutland Partners, a differentiated UK mid-market private equity firm which typically invests in UK based or UK focused companies with a value of £20m- £200m.
The Group will retain ownership of its Rugby distribution centre
The proceeds from the proposed disposal will allow the group to significantly reduce debt
A notice convening an EGM will be set out in the Circular to be sent out shortly to shareholders.
John Harris, Chairman, commented: 'The board believes the disposal of the Leisure Division to be in the best interests of all Alba plc shareholders. We wish the management, staff and new owners of the business every future success.
'Alba plc continues to focus on the restructuring of its Consumer Electronics activities and having made much progress already we look forward to the future with improved confidence'
