Journey ends for catering joint venture

29th Nov 2010 14:53

Airline products and services supplier Journey Group is selling its stake in in-flight catering firm Alpha-Airfayre to its joint venture partner Autogrill from £3.5m. Journey has a 49% stake in the loss-making joint venture, which was set up one year ago. Journey received £5m from the repayment of an inter company liability when the joint venture was formed. Journey will use most of the funds to repay part of its £4.5m three-year debt facility and the other £500,000 will go towards working capital. Pro forma net debt is around £200,000. The core business continues to improve its performance.