2021-06-02
ISS to sell its Spectrum Franchising Limited business (“Rainbow International”)
The divestment is in line with its strategic ambition to simplify its business and strengthening the focus on Key Account customers. The sale of the franchised business to Consortium Group RF Limited, a consortium group of franchise owners, will see 37 operational employees and support functions leave the ISS Group.
As per usual, we do not disclose any proceeds from the sale. However, the sale is a part of its ongoing divestment programme, which targets approximately DKK 2 billion in total net proceeds in 2021 and 2022.
ISS Restoration will continue to serve its commercial insurance and B2B customer base. ISS Restoration’s teams, ranging from the Property Team through to Complex & Major Loss, remain committed to maintaining their world class customer service to their clients and their policyholders on a business as usual basis.
Simon Titchener, ISS UK and Ireland COO and CCO comments, “This is a strategic divestment for ISS which allows stronger focus on our core B2B clients, supporting our global strategy and operating model and our core purpose of connecting people and places.”
Steve Mitchell, Managing Director of ISS Restoration, which includes Spectrum Franchising Limited, commented, “I would like to thank the Rainbow Team and the franchised network for their support over the past 18 years. With Consortium Group RF, the franchised network can look forward to the next phase of development and for clients to experience the best service levels in the market.”
The transaction remains subject to satisfaction of certain conditions precedent customary in a transaction of this nature, including anti-trust approval.
For more information please contact:
Rebecca Jennings, Head of Marketing & Communication