Skills Group PLC - Disposal

RNS No 8388e
SKILLSGROUP PLC
18th December 1997
 
 
   Sale of PC product distribution business in Sweden
 
Skillsgroup is pleased to announce that it has agreed  to
sell its Swedish PC product distribution business, Nordic
Datadistribution  AB, to Atle AB for a net  consideration
of SEK 130 million (approximately #10.2 million) in cash.
The  net assets at 30 November 1996 of the business being
disposed   were   approximately  SEK  68  million   (#5.3
million).   In  the  year  ended 30  November  1996,  the
operation had revenues of SEK 659 million (#51.7 million)
and  profit before tax of SEK 28 million (#2.2  million).
Completion  is conditional upon approval by  the  Swedish
Competition Authority which normally takes thirty days.
 
In  addition  to the proceeds received for the  disposal,
the  acquirer  will  be  repaying  approximately  SEK  40
million (#3.1 million) of net inter-company borrowings to
Skillsgroup.  The proceeds of the sale will  be  used  to
reduce  Group  net  debt  and to invest  in  its  ongoing
businesses.
 
The disposal of this business, which includes the Group's
Swedish  holding company (P&P Sweden), but  excludes  its
training  business (QA Training AB) and  its  consultancy
business  (Synergica  AB), is in line  with  the  Group's
intention   to   focus  on  higher  margin,  skills-based
offerings  in the European marketplace.  P&P also  has  a
reseller  business  in  Belgium  and  in  view  of   this
strategy, the management team of this subsidiary believes
the  business would benefit from being part  of  a  large
European  or  Global IT products and services  operation.
Skillsgroup fully supports this strategy and expects  the
sale of P&P Belgium in 1998.
 
QA  Training  AB  in  Sweden is part of  the  Group's  QA
business  which is a leading provider of IT  consultancy,
education,  permanent  staff and  contractor  recruitment
services.  Synergica AB in Sweden is part of the  Group's
Acuma  business which is a major supplier  of  high-value
enterprise  computing solutions for UNIX and  Windows  NT
platforms  and has considerable in-house consultancy  and
software expertise.
 
For further information, please contact:
 
Skillsgroup plc                              01706 830400
 
David Southworth, Group Managing Director
John Atkin, Finance Director
 
Ludgate Communications                      0171 253 2252
 
Chris Lynch/Reg Hoare
 
 
END

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