Wed, 24 Aug 2016 | DIVISION SALE
Photo-Me International, the instant photo equipment group, is the new owner of Asda's loss-making photo division in Britain.
Asda will get £5.4 million in cash for the sale of its 191 in-store photo centres and 172 self-service kiosks, and also run the associated online photo processing service. It will receive £3.35 million for the business and about £2 million for stock.
The plan is for Photo-Me to run the sites as concessions in the stores for ten years and pay commission to the supermarket chain. When the deal concludes in October, existing staff will be working for Photo-Me.
The sale is part of Asda's efforts to slough off surplus services to address the dropping sales at its core grocery business, affected by pressures of heightening competition from Aldi, Lidl and Tesco.
Asda's photo processing business, which had already been lined up for disposal, suffered £3.4 million in losses on revenue of £19.3 million last year. Its in-store pizza-making may also be sold off.
An international business, Photo-Me has a presence in 17 countries and has 6,600 photobooths and digital printing kiosks in the UK. Its underlying profits increased by 15 per cent to £40.1 million in 2015, boosted by demand for photos on identity cards in Japan.
It will look to drive sales for its newly acquired business by bringing in improved equipment, new products, and re-styling layouts.
Find a business for sale
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
02
|
|
Jan
|
IoW football ground could be sold to Asda | BUSINESS SALE
The owners of Isle of Wight football club, Newport FC, are h...
|
28
|
|
Apr
|
Allan Leighton could sell Peacocks fashion retailer | BUSINESS SALE
Allan Leighton, former CEO of Asda and former non-executive ...
|
04
|
|
Aug
|
Asda to dispose of 30 Netto stores | DIVISION SALE
Asda has put 30 of its recently acquired Netto stores on the...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources