Last checked at 2 Jul 2019 07:00
ASSOCIATED BRITISH ENGINEERING PLC
CORPORATE REORGANISATION IN SUBSIDIARY
In the Company's Audited Accounts to 31 March 2018, the Company reported that its operating subsidiary British Polar Engines Limited (BPE) had come to an agreement with the Trustees of the ABE Group pension scheme (Scheme), whereby the Trustees were prepared to support the Group during its financial year to 31 March 2019 and had therefore agreed that the current monthly deficit contributions would be suspended with a view to these commencing again after 31 July 2019. As at 31 March 2018, the deficit on the Scheme stood at £1.35m as per the audited accounts, being the liability solely of BPE.
In the Interim Statement to 30 September 2018, the Company further reported that the turnover for BPE had decreased to £498,000 for the period ending 30 September 2018 with a loss for the interim period of £357,000.
In the light of the above, the Trustees have entered into discussions with the Pension Regulator regarding the Scheme deficit and the Company has decided that it is appropriate to consider all options for BPE including a possible sale of BPE or its business.
Accordingly, FRP Advisory LLP have been appointed by the Board of BPE to solicit offers for the business of BPE. As yet, there are no firm proposals and there is no certainty that any such proposals would be forthcoming or would result in an agreement satisfactory to the Company, the Trustees and the Pension Regulator.
As and when there is any further information, an announcement will be made.
For further information please contact:-
Colin Weinberg on 07836588504; or
Rupert Pearce Gould on 07836701930