Rentokill Initial Sell Off City Link for £1

City Link vanCity Link, the courier company owned by Rentokill Initial, has been sold to Better Capital for £1.

City Link was running at a loss for 5 years and fell into debt. However, in the first 3 months of 2013 businesses started to improve. Better Capital have said that they will now invest £40 million into the business.

Operating losses were at £31 million in 2011 but recovered slightly in 2012, with operating losses at £26 million.

City Link is based in Coventry and was founded in 1969 by 2 mini-cab drivers who arranged a network of cab drivers to pick up parcels from trains to allow a UK nationwide parcel delivery service without the costs of driving cross country.

Company Information

Rentokill Initial

Rentokill Initial is a diversified pest control company. It is a FTSE 250 company (although did feature in the FTSE100 in the past) and was founded in 1903 by an entomologist who had developed a new way to kill beetles. The company was to be called Entokill but in 1925 when Harold Maxwell-Lefroy tried to register the business he could not use Entokill, so opted for Rentokill. 

The company changed its name to Rentokil Initial after BET made a successful hostile takeover bid in 1996. BET decided to retain the Rentokill brand.

Following the same of City Link, Renotokill plan to focus on their core strengths of pest control, hygiene and workwear.

Rentokill Initial Company Info

 

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