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Johnson shares boost; DISPOSAL.

SHARES in dry cleaner Johnson Service Group have been boosted after the company unveiled a major disposal to ease its debt worries.

Johnson rose more than 18% following its agreement to sell its corporate clothing arm and use most of the pounds 82.5m proceeds to reduce borrowings.

Debt stood at an estimated pounds 181m at the end of February, but analysts said this should fall to around pounds 121m by the end of 2009.

The company's shares have plunged from more than 350p last June to less than 30p after poor trading at its high street dry cleaners and linen rental businesses was compounded by the troubled implementation of a new IT system
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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Apr 15, 2008
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