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Future strong for Johnson
Aug 7 2008 by Alex Turner, Liverpool Daily Post
DRY cleaning firm Johnson Service Group has expressed its confidence for the future as it announced the details of the second stage of a share placing yesterday.
The firm, which recently moved its headquarters back into the region to Preston Brook, near Runcorn, also announced the appointment of John Talbot as executive chairman after a review of its management structure.
In June, Johnson said it was seeking to raise £40m in two share offers to shore up its balance sheet.
The placing of 150m ordinary shares with institutional and professional investors was completed last month which raised £30m, with the proceeds used to reduce the company’s bank debt.
Yesterday, details of an offer of 49.9m shares at 20p to existing shareholders were unveiled as the firm looks to raise a further £10m.
Johnson was founded in Merseyside, but moved its headquarters from Prescot to London last year.
However, it has now moved the group’s headquarters back to the North West.
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