John Menzies (MNZS) has finally succeeded in selling its distribution business. The group has entered a conditional agreement to sell the long-troubled division to private equity house Endless for £74.5m, freeing it up to become an aviation-only group.
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Menzies will retain a 10 per cent stake in the business, but the distribution business will take on responsibility for funding 17 per cent of the overall group’s defined benefit pension scheme. A structural decline in the print media industry has seen the group to focus on the aviation business during recent years. That business accounted for three-quarters of underlying operating profit at the end of December.
