The move fulfils Avesco’s intention to focus on providing its core services to the events market. David Nicholson, Avesco’s chief executive, told us: "Fountain has been a good solid business for us, but there are limited synergy benefits, with virtually no relationship with any other group company. The cash we have generated from this sale allows us to cut our debt still further. We have taken actions this past year to reduce our debt rapidly. Following completion of this transaction, the Group’s net debt figure will stand at less than £11 million, having been more than halved since September 2001. Our businesses are highly cash generative and we are now in a position to look for new growth opportunities.
"We are pleased that Fountain is with a group where it can make a greater contribution to the whole and that all management and staff have been retained by the buyer."
(Ruth Rossington)
