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Rentokil sells City Link

[ May 1, 2013   //   ]

Rentokil Initial has sold its express delivery company City Link to business turnaround specialists Better Capital and the parcels operator’s management for £40 million. City Link, which specialises mainly in the UK market but has a small but growing international business, will continue to be led by current managing director Dave Smith. He said his aim was “to transform the customer experience across its range of services.”

He added that City Link would gain from the expertise of Better Capital and the deal also offered a stable financial future for the company.

Better Captial specialises in investment capital for the acquisition and turnaround of UK and Irish businesses, typically with a turnover of up to £500m. Existing clients include Jaeger, Spicers and Everest.

Alan Brown, chief executive of Rentokil Initial said that City Link had turned the corner after five years of substantial losses and would benefit from the current strong growth in the parcels market.

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