Staveley puts its service businesses up for sale

Stavely Industries, one of the few remaining diversified groups left in the UK, has put itself up for sale in parts.

Two years ago, the company re-organised MJN Facilities Management and five sister divisions, re-branding them as Integral and offering a broad range of FM services.

Now, chief executive Chris Woodwark has concluded that expansion of that business was only achieved on the back of unprofitable contracts. This, combined with broader commercial problems, has led to the decision to sell.

The company hopes to conclude a deal that will see all service divisions sold together but would consider breaking them up if the terms are right. This side of the business will come with the plc's assets, along with about £2M in debt - together currently valued at about £2M.

Interested parties can contact Staveley at its Croydon HQ or through its bankers, Close Brothers.

Elliott Chase