The sale of City Link Rentokil Initial group

Recently, Rentokil Initial Link City UK group will express company sold to a Private Equity Investment Firm. Previously, City Link has been losing money for 5 years.
Rentokil Initial group said, City Link has been sold to a Private Equity Investment Firm (BECAP12 Fund LP), the private equity investor commitments to the City Link pumped £ 40000000, in order to provide "enough" money to complete its ongoing capital turnover. The sale is effective immediately.
The current from the David Smith led by the City Link management team, will continue to be responsible for the operation of the company. Because the City Link before the manager failed to realize losses, successor to the Smith (Parcelforce before the company general manager) in the past 1 years has brought a new management team.
Smith said: "this is good news for the company's customers and employees of the company concerned. City Link will benefit from the Private Equity Investment Firm in the business of professional knowledge and certainty from the financing agreement in. City Link will be communicated to the client information is, in the short-term business will be as in the past, and through the injection of new capital and the introduction of professional knowledge, will soon be able to accelerate investment and improve service, and enhance the customer experience.
City Link is one of the main package distribution company, a loss last year, down 16% to 26400000 pounds, the total business income has increased by nearly 5%, to £ 321700000. Volume 17% of strong growth, the main business from large parcel service, low price of B2C customers, as well as those aimed at reducing the cost of corporate clients.
The first quarter of 2013 (1-3), City Link business losses (adjusted) decreased 8100000 pounds, operating performance compared with the same period last year increased by 36%. But the total income slightly decreased 0.7%, £ 72700000.
MYEX min Asia International Express
2013-05-29