News on 09 January 2001

Rentokil Initial is to sell Initial Personnel Services Ltd, its UK personnel services business, for £23.5m to Ingleby (1367) Ltd, an acquisition company backed by Bridgepoint Capital Ltd.

The payment will comprise £21.2m in cash and £2.3m in loan notes. Initial Personnel Services had turnover of £74.4m and operating profits of £3.9m in 1999.

Rentokil chief executive Sir Clive Thompson said total proceeds from disposals are now £617m, exceeding the £600m target.