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27 Feb 2009 15:24
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C H BAILEY PLC
SaleΒ of business and assets of Modular AutomationΒ International Limited
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The Board of C H Bailey, Plc ("C H Bailey" or the "Company") announced on 30 January 2009 that anΒ Administrator had been appointed toΒ itsΒ 79%Β ownedΒ subsidiary Modular Automation International Limited ("Modular Automation").Β Β
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The Company hasΒ been informed by the Administrator that the business, goodwill, plant,Β equipment andΒ part of theΒ inventoryΒ of Modular Automation were sold on 24 February 2009 toΒ Expert ModularΒ Automation Limited, a newly formed company,Β for a cash considerationΒ of Β£65,000. These proceedsΒ together withΒ furtherΒ amountsΒ yet to beΒ realized, principallyΒ from the collection of trade and other receivables, will be applied by ModularΒ Automation to settleΒ itsΒ trade and other payables.
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Modular Automation is a manufacturer ofΒ bespokeΒ automated assembly machines. In the year ended 31 March 2008, Modular Automation reported revenues of Β£5.9 million and a loss before tax of Β£0.2 million. At 30 September 2008, Modular Automation had gross assets of Β£1.1 million and net liabilities of Β£0.8 million.
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Modular Automation will remain in administration pending the collection of outstanding receivables and the settlement of payables. This is likely to take some considerable time and it is not practicable at present to give an accurate estimate of the overall financial impact on theΒ C H BaileyΒ Group of the disposal and winding-up of this subsidiary's business.
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Enquiries:
C H Bailey, PlcΒ
Charles Bailey, Chairman,Β
Tel: 01633 262961
Arden Partners plc
Richard Day
Tel: 020 7398 1632
Colin Smith
Tel: 0121 423 8940
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