Connect Group offloads books division to Aurelius

UK-based distribution company Connect Group has agreed to revised terms on the disposal of its books division to Aurelius Equity Opportunities for £6m in cash.

The disposal of its books unit was in line with the newspaper and parcel distributor's announcement at its final results last October that the division would be put on the market.

Connect said proceeds of the sale would be used to reduce its debt as the board's attention became wholly focused on the integration and transformation of its core businesses, made up of Smiths News, DMD, Tuffnells Parcels Express and Pass My Parcel.

Mark Cashmore, chief executive officer, said, "We are pleased to complete the sale of Connect Books to Aurelius Equity Opportunities. The disposal will allow the Group to concentrate on its transformation strategy while ensuring the Books business is able to prosper under new and focused ownership."

As of 1040 GMT, shares had gained 1.54% to 66.00p.