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
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