Regulatory Announcements
08 February 2006
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John Menzies plc announces conditional agreement to acquire Chester Independent Wholesale Newsagents Limited.
John Menzies plc, the time-critical logistics company, is pleased to announce that it has reached conditional agreement for Menzies Distribution, its newspaper and magazine distribution business, to acquire the entire issued share capital of Chester Independent Wholesale Newsagents (CIWN). The acquisition is subject to regulatory approval. It is anticipated that the transaction will be completed by 31 March 2006.
CIWN is a well established and successful newspaper and magazine wholesaler. Its territory covers Cheshire and North Wales. On completion, the operations will be fully integrated into the Menzies Distribution network.
CIWN's reported gross assets for the year ended 31 March 2005 were £8.5m.
Patrick Macdonald, Chief Executive of John Menzies plc, stated:
"This is an important addition to Menzies Distribution as it expands our footprint into the Cheshire and North Wales regions. Chester News is a well run business and we look forward to delivering excellent service to publishers and retailers in the area."
Enquiries
John Menzies plc
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Patrick Macdonald, Chief Executive |
0131 459 8186 |
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Paul Dollman, Group Finance Director |
0131 459 8186 |
Citigate Dewe Rogerson
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Ginny Pulbrook |
020 7282 2945 |
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Anthony Kennaway |
020 7282 1076 |
NOTES TO EDITORS
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1. |
Menzies Distribution Limited is acquiring 100% of the share capital of Thos. Swift (Wholesale Newsagents) Limited, which owns 86% of CIWN. It is also acquiring the remaining 14% of CIWN shares from Mark Woodcock, a director of Thos. Swift (Wholesale Newsagents) Limited, and two private companies,
W P Griffiths (Newspapers) Limited and Parker 1982 Limited.
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John Menzies plc, the time-critical logistics company, is one of Scotland's largest companies. The company has two operating divisions, Menzies Distribution and Menzies Aviation. These divisions operate in two distinct sectors where success depends on providing an efficient, high quality, time-critical service to their customers and partners.
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In the year ended 25 December 2004, Menzies reported turnover of £1,369.2m (2003 - £1,297.7m) and Group profit on ordinary activities before tax and exceptionals of £30.3m (2003 - £17.1m). Turnover at the Distribution division was £1,109.4m (2003 - £1,058.0m) whilst pre-exceptional operating profit was £30.6m (2003 - £26.2m). In the Aviation division turnover was £259.8m (2003 - £239.7m) and pre-exceptional operating profit was £10.4m against £2.4m in 2003.
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The company was established in 1833 and its head office is in Edinburgh, Scotland. Today the company is an international operation with offices, partners and contracts located in Europe, North and South America, Australasia and Africa.
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Menzies Distribution is a leading provider of added value distribution and marketing services to the newspaper and magazine supply chain in the UK. The division handles 4.5 million newspapers (6 million on Sundays) and 2.5 million magazines (covering over 3,000 magazine titles) each day, with deliveries to more than 21,500 customers. |
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