Sketchley is believed to be in negotiations to sell its retail division. This arm includes the dry cleaning business and SupaSnaps photoprocessing.
The company is expected to recoup about £10m for the division almost a year it put it up for sale. The sales effort was hurt by the disclosure last summer of accounting irregularities.
The sale would remove the substantial liability of the leases on Sketchley’s 450 high street dry cleaning outlets. But the company has needed reassurance about the risk that the leases would revert to it if the buyer were to run into problems.
- Financial Times 14/01/98 page 34
