Menzies finalises Airline Services takeover

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John Menzies PLC has released a trading update ahead of its preliminary results on March 13, 2019, confirming the acquisition Airline Services Limited.

Since the Group’s last update in November 2018, the CMA has granted full clearance with regards to the acquisition of Airline Services Limited, which was originally acquired on April 4, 2018. Menzies PLC will soon take control of the business, with the objective of “driving the identified synergies and boosting our footprint and product offering across our UK business.”

The Group has also confirmed that trading performance for the year to December 31, 2018, has been in line with market expectations, and reported a significant reduction in the Menzies Pension Fund funding deficit since the last valuation process.

A spokesperson for the company said: “Following ongoing contributions, a number of proactive measures taken by the Group and the sale of Menzies Distribution, the funding deficit has reduced by over £50m from the £116m in March 2015 to our year end funding deficit of between £60m and £65m.”

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