HomeServe exits Italian joint venture

HomeServe will exit its Italian joint venture to concentrate on “other more attractive markets”.

The home repairs business had a 49% stake in Assistenza Casa, which it has agreed to sell to its partner, Edison, for an undisclosed sum.

The company said: “International business development resources will be focused on the recently announced joint venture with Mitsubishi in Japan and prospecting other more attractive markets.”

The Walsall-headquartered group, which reported annual revenues of more than £1bn in its last financial year, has today said it “continues to expect further strong growth” this year.

Ahead of its AGM, it highlighted the “strong performance” of its membership business, especially in North America.

It has also reached agreement to secure the ongoing billing arrangements for customers acquired through the Endesa partnership for the next five years. This extends the two-year period that was agreed when the Endesa partnership came to an end in May last year.

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