8 Jan 2018 15:39
8 January 2018
Bioquell PLC - Disposal of UK Airflow Business
Bioquell PLC ("Bioquell") (LSE symbol: BQE) - a leading provider of bio-decontamination products and services for the Life Sciences, Pharmaceutical and Healthcare markets today announces the completion of the disposal of its UK AirFlow service and parts business ("Airflow").
As previously announced on 2 August 2017, Bioquell sold its Airflow service business to Crowthorne Hi Tec Services Ltd ("CHTS"). The consideration for this part of the business was £169,000 payable in cash on completion and a further £70,000 payable on 2 January 2018, which has now been received.
CHTS at that time acquired an option to acquire the related spare parts and filter manufacturing equipment business on or about 1 January 2018 for a cash consideration of the aggregate of £100,000 and the agreed value for the stock of this business, which it has chosen to exercise. The aggregate consideration for the spare parts and filter manufacturing equipment business, paid on completion, was £122,000. The spare parts and filter manufacturing business had revenue of around £0.24m and generated profits before interest and taxation of approximately £0.1m in the year ended 31 December 2017.
Bioquell is expected to recognise an exceptional gain on the disposal of Airflow of approximately £0.25m in its accounts for the year ended 31st December 2017.
Commenting on the strategic disposal, Ian Johnson, Executive Chairman of Bioquell PLC, said:
"I am pleased to have been able to conclude these disposals so we can focus our resources on serving our core bio-decontamination customers."
Enquiries:
Ian Johnson Executive Chairman Bioquell PLC 01264 835900
Michael Roller Finance Director
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Notes to Editors:
Bioquell is a UK-headquartered, international technology company (www.bioquell.com) which develops, manufactures and sells specialist biological contamination control products and services into the Life Sciences, pharmaceutical and healthcare sectors, with most of its revenues generated from overseas customers.
§ Bioquell's bio-decontamination technology uses hydrogen peroxide vapour which is highly effective at eradicating micro-organisms such as bacteria and viruses at room temperature - and is subsequently broken down at the end of the bio-decontamination process into water vapour and oxygen (hence an extremely 'green' technology). Bioquell has a number of patents associated with this technology.
§ Bioquell has also developed a number of products which complement its core hydrogen peroxide vapour technology. The recently introduced Bioquell Sequre, an ergonomic fixed, wall-mounted bio-decontamination system for small rooms and pass through chambers; the Bioquell Qube, a novel, modular aseptic work-station; and the Bioquell POD, a fast-to-deploy single patient room primarily for infection control in hospitals, are all the result of a customer focused, solutions based approach to development that has been employed.
§ Bioquell's products and services are sold by wholly-owned Bioquell organisations in the UK, USA, France, Germany, Ireland, Singapore, China and through a network of international distributors.
Bioquell also develops, manufactures and sells environmental control equipment into the defence industry, including chemical, biological, radiological and nuclear filtration systems.
Further information for investors can be found at www.bioquellplc.com.