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30 May 2008 15:48
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Humberts Group plc 30Β May 2008
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Disposal of Thomson Currie
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HumbertsΒ (AIM: HUM), the national group of full service estate agents and valuers, announces today the sale ofΒ Thomson CurrieΒ ("Thomson Currie")Β for a total consideration ofΒ Β£1,850,000Β of whichΒ Β£50kΒ was paid in cash and the balance represents the cancellation of the outstanding deferred consideration of Β£1,800,000.
Thomson CurrieΒ hasΒ offices in Islington and Clerkenwell offering services in residential sales & lettings as well as a land and new homes division. It hasΒ been sold back to the originalΒ vendorsΒ who include employees of Thomson Currie. Thomson CurrieΒ was purchased in September 2007 for a total ofΒ Β£5.8mΒ of whichΒ Β£1.6mΒ was paid in cash andΒ Β£0.8mΒ in shares with the balance representing deferred consideration and acquisition costs.
For the year endedΒ 31Β MarchΒ 2007, Thomson Currie made adjusted EBITDA (Earnings before interest, tax depreciation and amortisation) of Β£0.83 million on turnover of Β£2.58 million.Β
In the one month period ended 30 September 2007 following the acquisition by the Group,Β Thomson CurrieΒ made a profitΒ before taxΒ ofΒ Β£35,000Β onΒ netΒ assets ofΒ Β£35,000.
In recognition of the current financial condition of Humberts Group plc, the Directors have concluded the disposal of Thomson Currie in a very short timeframe and consequently have not had sufficient time to seek prior consent of its shareholders to the terms of the transaction pursuant to Rule 15 of the AIM Rules for Companies. However, the Directors believe that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned. In making this statement the Directors have taken into account the advice of its restructuring advisers.Β
The proceeds from the sale ofΒ Thomson CurrieΒ will be usedΒ toΒ assist the Group's working capital position.
Following the above, HumbertsΒ willΒ continue to evaluate its options in the current challenging market and will updateΒ shareholders in due course with further actions it has taken.
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For further information:Β
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Humberts Group plc - 020 7491 8888Β
John McLean, Executive ChairmanΒ
Michael Nower, Interim Chief Executive OfficerΒ
Nigel Cartwright, Chief Financial Officer
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