MJGleeson Regulatory News (GLE)

30 Jun 2006 16:45

Gleeson(M J)Group PLC30 June 2006 M J GLEESON GROUP PLC £3.0m disposal of Concrete Repairs Limited As part of the implementation of its strategic review, Gleeson announces thedivestment of its subsidiary, Concrete Repairs Limited, for a cash considerationof £3.0m. Concrete Repairs is being acquired by its management through a specificallycreated company called Rangelast Limited. Concrete Repairs will continue to beled by Tony Rimoldi, the current Managing Director. Concrete Repairs is a specialist structural renovation business and one of thelongest established contractors in the sector, with a strong reputation for itstechnical expertise. The business is based at Mitcham, Surrey and all 200employees will be transferring with Concrete Repairs. In connection with the divestment, Gleeson has sold freehold premises occupiedby Concrete Repairs Limited at Cathite House, 21 to 23 Willow Lane, Mitcham,Surrey to Standmark Limited, a company owned by the four directors of ConcreteRepairs, for a cash consideration of £0.6 million, exclusive of VAT. Enquiries : M J Gleeson Group plc 020-8644 4321 Terry Massingham (Chief Executive) Paul Wallwork (Finance Director) Close Brothers Corporate Finance Limited Peter Alcaraz 020-7655 3139 Bankside Consultants Limited Charles Ponsonby 020-7367 8851 / 07789-202 312 This information is provided by RNS The company news service from the London Stock Exchange