Business Services Industry
Oriflame Cosmetics SA to sell UK subsidiary to Premier Direct Group Plc
Nordic Business Report, Dec 20, 2005
NORDIC BUSINESS REPORT-20 December 2005-Oriflame Cosmetics SA to sell UK subsidiary to Premier Direct Group Plc(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish cosmetics company Oriflame Cosmetics SA announced on Tuesday (20 December) that it had signed a heads of agreement to sell its subsidiary Oriflame UK Ltd to Premier Direct Group Plc.
Oriflame UK, which operates in the United Kingdom and Ireland, has sales of EUR4.3m, but has been unprofitable for several years.
"Under the terms of the contract, Oriflame shall be liable for all costs associated with the transfer and assume the outstanding pension liabilities. The cost of this to Oriflame will be approximately EUR4m which will be recognised in the results for 2005," Oriflame said.
One euro (EUR) is worth approximately 0.68 British pounds (GBP).
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