Johnson Service Group PLC
14 December 2004
14 December 2004
Johnson Service Group PLC
Acquisition of S Yaffy Limited
Johnson Service Group PLC ('Johnson') announces the acquisition, on a debt free
basis, of the entire issued share capital of S Yaffy Limited ('Yaffy') for £3.5
million in cash on completion, from the current management team who will remain
with the business.
Yaffy, which is based in Scotland, designs, manufactures and sources specialist
outerwear clothing for many of the UK's police forces.
Yaffy's turnover and profit before taxation for the year ended January 2004 was
£4.5 million and £0.6 million respectively, with net assets at that date of £1.3
million. The acquisition is expected to be earnings enhancing in the first full
year of ownership.
Johnson CEO Stuart Graham said: ' This acquisition further strengthens our
position in the supply of specialist clothing and follows on from the
acquisition of Dimensions, the UK's leading supplier of corporatewear, in July
of this year.'
Johnson is intending to issue its pre-close trading statement in early January
2005.
For further information, please contact:
gcg hudson sandler Johnson Service Group PLC
James Benjamin Stuart Graham, CEO
Sandrine Boussard Jim Wilkinson, CFO
Telephone: 020 7796 4133 Telephone: 0151 933 6161
Website: johnsonplc.com
Notes to editors - The Johnson Service Group
The Johnson Service Group has two principle activities: the traditional
businesses focusing on textiles and the recently established facilities
management operation. Over the last 2 years these core activities have been
developed and grown through a series of strategic acquisitions. The Company has
been extensively overhauled under the new Chief Executive Stuart Graham.
Textile related support services include Johnsons Apparelmaster, Britain's
leading launderer and renter of workwear; CCM, a manufacturer and sourcer of
workplace garments; Dimensions, the leading supplier of corporatewear;
Stalbridge Linen, Britain's leading linen supplier to the leisure, professional
catering and corporate hospitality sector; Johnson Hospitality Services,
recently acquired and expanded, the British market leader in the hire of
catering equipment, hospitality furniture and related items to sporting,
entertainment and similar events. Johnsons Cleaners, Britain's No. 1 dry
cleaning brand, and the newly acquired Sketchley provide a nationwide network of
circa 620 retail dry cleaning shops. Jeeves of Belgravia provides an exclusive
and bespoke dry cleaning service within the London area.
The newly established facilities management division, through Johnson Workplace
Management, provides a fully comprehensive range of services, utilising a unique
business model focusing on management, property expertise and the provision of a
wide range of support services to FTSE and national companies and institutions.
This information is provided by RNS
The company news service from the London Stock Exchange
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