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23 Dec 2010 10:03
23 December 2010
AssetCo plc ("AssetCo" or the "Company")
Sale of Subsidiary undertakings
AssetCo plc, the International Fire and Rescue Services business, is pleased to announce the successful conclusion of its asset realisation programme.
On 23 December 2010, Supply 999 Limited, Todd Research Limited and AS Fire & Rescue Equipment Limited were sold for £5.25m to Spring Ventures Limited for £4,25 cash and £1m cash deferred until 31 March 2011 based on turnover and profitability levels.
The three businesses had a profit before tax of £0.3m for the six months ended 30 September 2010 and were included in the Group balance sheet with a net book value of £4.25m, creating an approximate profit of £1m if the deferred consideration is received.
The sale proceeds will be used to restructure the Company balance sheet.
Together with the sale of Treka Bus Limited on 29 October 2010 being sold for £1.0m, this brings to a successful conclusion the Company's asset realisation programme.
John Shannon, Chief Executive Officer commented:
"We are delighted to have concluded the disposal of our manufacturing businesses in line with our stated strategy of concentrating on the development of AssetCo Fire and Rescue as a focussed high value services business."
For further information, please contact:
AssetCo plc | +44 (0) 20 8515 3999 |
John Shannon, Chief Executive Officer | |
Scott Brown, Chief Financial Officer | |
Arden Partners plc | +44 (0) 20 7614 5917 |
Richard Day | |
Adrian Trimmings | |
Cadogan PR | +44 (0) 7771713608 |
Alex Walters | |
Emma Wigan |
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