LONDON, UK: Studio Retail Group, the online value retail and education business, has entered into a conditional agreement for the sale of Findel Education Limited to the Council of the City of Wakefield, acting in its capacity as the lead authority of the joint committee known as the Yorkshire Purchasing Organisation, for a gross consideration of £50 million.
Completion of the sale is subject to, amongst other matters, shareholder approval and obtaining clearance for the Disposal from the UK Competition and Markets Authority.
Phil Maudsley, CEO of Studio Retail Group commented: “Findel Education has undergone a digital transformation over the past two years, and we are confident that YPO represents a natural new home for the business.
“We believe this transaction is in the best interests of all Studio Retail Group stakeholders, allowing us to focus on driving further growth within our core Studio value retail business.
“I would like to thank our colleagues at Education for their hard work and wish them well for the future.”
Simon Hill, Managing Director of YPO commented: “Bringing together these two organisations will enable YPO to continue to grow its core activity of providing value for money and excellent service to its education and public sector customers. This is an excellent example of local authorities acting in a collaborative and commercial manner to provide benefits to local communities across the whole of the country.”