Granada sells Spring Grove

 

THE Spring Grove laundering business, one of Britain's leading textile services companies, strongly represented in Ireland, is being sold by Granada to the Davis Service Group for £136 million sterling cash.

Davis is funding most of the consideration through a £71 million one for three rights issue of convertible stock units.

Last figures for Spring Grove for the year to September 30th, 1995, showed £10.4 million operating profits earned on £84 million turnover. Spring Grove provides laundering services strongly focused towards workwear for 40,000 customers.

It has 14 processing plants and seven satellite service centres in Britain, four plants and three distribution centres in Ireland and two plants in Germany.