Christie Group PLC (AIM:CTG) has announced the sale of its subsidiary Orridge Holdings to RGIS Inventory Specialists for £5 million.
Founded in 1846, Orridge is Europe’s oldest stocktaking company that provides inventory-management services across the retail, warehousing, and pharmaceutical sectors in the UK, Germany, and Belgium.
The business held gross assets of £4.5 million as of 31 December, 2023, and reported a pre-tax loss of £1.2 million.
“Following a review of its performance and potential future funding requirements within the Christie Group, the board unanimously concluded that we should explore opportunities for divesting the Orridge brand," said Dan Prickett, Christie Group’s chief executive officer.
Prickett said the sale “eliminates the exposure to the group of future operating losses from the brand”.
Christie Group’s shares added 5.5% on the news.