GAB Robins has sold its building repair network Sergon to Homeserve for a cash consideration of £11.2m on a debt free basis, the company announced today.
Included in the net assets on completion will be £500,000 cash. In addition, there is an earnout of £1m based on projected profitability to 30 June 2005.
GAB Robins said the deal had been completed as part of its efforts to refocus its operations. A strategic review concluded that Sergon was not part of its core business activities.
GAB Robins chief executive John Castagno said: “We are planning further changes to our business in the new year, which includes the closer alignment of the UK operation with Europe and other international operating units.
“We believe that these changes will better enable us to serve the increasingly global footprints of our customer base and maximise position in the international claims markets with the UK as a global hub for the GAB Robins Group.”
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