Rentokil Says City Link Acquires 16 Of Its Franchises For 25.5 mln stg

Forbes:

Rentokil Initial PLC said parcel delivery unit City Link has bought a further 16 of its franchises for 25.5 mln stg as part of a buyback programme announced one year ago.

The latest franchises to be acquired, which were bought via four businesses, posted combined turnover of 95 mln stg over the last year.

The support services group said City Link had invested 50 mln stg in the programme, which has seen the unit gain control of 80 pct of its franchise network, or 57 franchises.

Rentokil chief executive Doug Flynn commented, ‘I am pleased with the progress we are making in transforming the City Link business… I look forward to completing the process ahead of schedule in 2007.’