ISS has entered into an agreement to divest its specialist franchised B2C restoration business, Spectrum Franchising Limited and its parent company in the UK to Consortium Group RF Limited.
The divestment, which will see 37 operational employees and support functions leave the ISS Group is in line with the company’s strategic ambition to simplify its business and strengthening the focus on Key Account customers.
Whilst no proceeds from the sale have been disclosed the sale is a part of ISS’ ongoing divestment programme, which targets approximately DKK 2 billion in total net proceeds in 2021 and 2022.
ISS Restoration will continue to serve its commercial insurance and B2B customer base.
Simon Titchener , ISS UK and Ireland COO and CCO commented: “This is a strategic divestment for ISS which allows stronger focus on our core B2B clients, supporting our global strategy and operating model and our core purpose of connecting people and places.”
Steve Mitchell, Managing Director of ISS Restoration, which includes Spectrum Franchising Limited, said: “I would like to thank the Rainbow Team and the franchised network for their support over the past 18 years. With Consortium Group RF, the franchised network can look forward to the next phase of development and for clients to experience the best service levels in the market.”
The transaction remains subject to satisfaction of certain conditions precedent customary in a transaction of this nature, including anti-trust approval.