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199 years: Johnson exits laundry
After 199 years in the drycleaning business Johnson Service (JSG:AIM) is selling its chain of retail stores to focus squarely on its industrial scale commercial cleaning division.
Timpson is buying Johnson’s 200-store estate, which generated a 2015 adjusted operating profit of £2m, for £6.5m highlighting the dwindling value now placed on assets in the industry after a decade or more of decline.
The retail unit, which included the Johnson Cleaners and Jeeves of Belgravia brands, had become a small division relative to Johnson’s commercial laundry operation which earned £28m of underlying operating profit in 2015.