PEST control and hygiene firm Rentokil Initial continued its restructuring today by agreeing to sell its

conference venues business

for £325m.

The group, which recently reported a 21 per cent drop in quarterly profits and fended off a bid for control from Sir Geoffrey Robinson, has sold Initial Style Conferences business to a group of private investors.

The group, led by Richard Balfour-Lynn, chief executive of property investment group Marylebone Warwick Balfour, is expected to complete the deal in the next two weeks, according to a statement by Rentokil.