Connect Group plc is to sell Tuffnells in a deal valued at £15 million. Under the agreement reached it will sell The Big Green Parcel Holding plus all of its subsidiaries, including Tuffnells Parcels Express, to Palm Bidco. Connect Group said that its decision to sell was based upon its belief that Tuffnells offered no material synergies to the group’s other businesses, which include Smiths News, and that the ongoing financial drag on Connect’s profit was unsustainable.
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