Disposal of Posthouse Hotels

Compass Group PLC 4 April 2001 4 April 2001 COMPASS GROUP PLC ('COMPASS GROUP') SALE OF POSTHOUSE HOTELS The Board of Compass Group is pleased to announce the sale of Posthouse Hotels for a consideration of £810 million in cash to Bass PLC. Together with the previously announced sale of the London Signature hotels, Compass Group has generated a total consideration of £1.125 billion from hotel disposals to date. The net proceeds of the sale will be used to strengthen Compass Group's balance sheet. Posthouse Hotels is a mid-scale hotel chain in the UK and Ireland consisting of over 12,000 rooms in 79 hotels. Posthouse Hotels' net assets for the year ended 30 September 2000 totalled £1,023 million, its operating profit for that year was £110 million before central costs. Compass Group is the world's largest foodservice company with proforma annual revenues in excess of £8 billion, employing in excess of 265,000 people worldwide in over 80 countries. The Group's strategy continues to be one of achieving strong revenue growth in the £200 billion per annum global foodservice market through the development of its sector-focused businesses and the use of its unique portfolio of foodservice brands, growing both organically and through strategic in-fill acquisitions. Further announcements as to the sale process for the Heritage Hotels and the Le Meridien brands will be made in due course. Enquiries Compass Group PLC 01932 573 000 Andrew Lynch, Group Finance Director Cathi Lawrence, Corporate Communications Director Hudson Sandler 020 7796 4133 Nick Lyon / Wendy Baker Website: www.compass-group.com
UK 100

Latest directors dealings