Johnson Service Group PLC
14 October 2003
14 October 2003
Johnson Service Group PLC
Expansion of Dry Cleaning Business.
Johnson Service Group PLC ('Johnson') announces the expansion of its dry
cleaning business through two acquisitions: the retail dry cleaning division of
Brooks Service Group plc and Jeeves International Ltd.
Johnson Cleaners
Johnson has acquired the retail dry cleaning division of Brooks Service Group
plc for a consideration of £1.85m in cash on completion. Brooks have 38
branches in southern England where Johnson is not widely recognised and
therefore provides an excellent strategic and geographical fit. The business
will be rebranded as soon as is practical and all shops will operate on the
Johnson Cleaners business model. Johnson Cleaners will now be represented at
some 530 locations.
The turnover of the shops acquired was £4.6m for the year ended December 2002,
with net assets amounting to £1m.
Jeeves
Jeeves of Belgravia, 'London's Finest Dry Cleaner', which was purchased by
Johnson in May 2003, has acquired the whole of the remaining share capital of
Jeeves International from Sydney Jacob for an undisclosed sum. Jeeves of
Belgravia already holds a 9.75% stake in Jeeves International.
Jeeves International is a franchise of high-grade dry cleaning services trading
outside the UK, with negligible net assets. Licensees are located in New York,
Hong Kong, Istanbul, Jakarta and Jeddah. Several licencing opportunities in
other locations are presently under discussion. Jeeves licensees are either
substantial local companies or well resourced individuals.
Johnson will now develop the brand and business internationally. Martin Sloots,
presently the MD of Jeeves of Belgravia, will become MD of both companies.
Sydney Jacob, the original founder of Jeeves of Belgravia and Jeeves
International will become a Director of both companies.
Johnson CEO, Stuart Graham said, 'These two acquisitions enable us to strengthen
our position as the market leader in the dry cleaning business. The Brooks
acquisition fits well with our existing portfolio and gives us increased
coverage in the South where we have been under-represented. There still however
remains scope to significantly expand the Johnson brand into the Greater London
area. The national coverage now achieved will provide wider opportunities both
with existing business partners and other commercial organisations where true
national coverage will be of mutual benefit.
Acquiring the internationally recognised Jeeves brand will give us potential to
expand that brand globally.'
Enquiries: Johnson Service Group PLC
Stuart Graham, CEO
Mike Sutton, CFO
Telephone: 0151 933 6161
Hudson Sandler
Michael Sandler / Wendy Baker
Telephone 020 7796 4133
Notes to Editors
Johnson is Britain's market leader in workwear rental as well as the manufacture
and sourcing of workwear garments. The Group's drycleaning business is
Britain's leading dry cleaner with approx 500 shops.
As a result of the strategic review of the business that began 15 months ago the
Group has realigned its businesses and strengthened its management team to
enable deeper penetration into the current core activities and to enter new
areas of the business services sector.
Yesterday Johnson announced the acquisition of a facilities management business
which has provided an additional dimension to the Group.
This information is provided by RNS
The company news service from the London Stock Exchange
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