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St Ives announces sale of magazine businesses
Date Added: Mon 14 March 2011
St Ives plc has today entered into a conditional agreement for the sale of its Magazine business, comprising St Ives Peterborough Limited, St Ives Plymouth Limited, St Ives Roche Limited and St Ives Web Limited, to Walstead Newco3 Limited, a wholly owned subsidiary of Walstead Investments Limited.
The Magazine business is the web offset printing operation of St Ives, offering magazine printing capabilities to customers across the UK. The business is responsible for the production of weekly, monthly and specialist magazine titles.
St Ives will retain ownership of the properties currently occupied by the Magazine business in Peterborough, Plymouth and Roche and will lease them to the new owners.
The sale is consistent with the Group's strategy of focusing on non-commoditised markets where, in addition to printed products, it can supply value-added services including complex logistical, fulfilment and marketing requirements.
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