Just three years after it made the purchase (for an undisclosed sum) of well-known industry supplier, Ravensworth, ZPG has sold the company back to its original owning entity, The Printed Group.
In September 2017 ZPG said of the acquisition of the Newcastle-based company:
“The deal further increases the number of estate agency partners that ZPG provides its services to and enhances ZPG’s comprehensive one-stop-shop product offering for its property partners to now include portal, software, website, data and print marketing services.”
This morning ZPG gave EYE this statement:
“We are always looking at how best we can serve the ever-changing needs of our estate agents.
“Following a review it became clear that a more natural owner for Ravensworth can take the Ravensworth business forward on the next stage of its journey, benefiting customers and colleagues alike.
“We are delighted to confirm the ownership of Ravensworth has now been transferred to The Printed Group.
“The Printed Group is the former owner of and an existing partner of Ravensworth and is renowned as one of the UK’s leading printing companies.
“With over 40 years experience in the printing industry we believe The Printed Group is the best possible home for the Ravensworth business and can provide it with the support and investment it needs to grow its business in the months and years to come.”
It is understood that all Ravensworth employees will now be subject to TUPE process as part of the acquisition.