Last checked at 14 Jul 2008 07:00
14 July 2008
Mears Group PLC
("Mears" or the "Company")
Disposal of United Fleet Distribution Limited ("UFD")
Mears is pleased to announce that it has disposed of UFD, its vehicle distribution division, for £2.8m in cash to BCA, the UK market leader in vehicle remarketing.
For the year ended 31 December 2007, UFD contributed £9.2m of revenue and profit before tax of £0.5m.
Commenting, Bob Holt, Chief Executive of Mears, said:
"UFD played a significant role in the growth and maturity of Mears over the last 10 years and represents our first ever disposal. I would like to thank the UFD management team and wish them future success. The activities of UFD were non-core and the offer represents excellent value for Mears. The disposal will allow Mears to be even more focused on its core operating divisions."
Enquiries:
Mears Group PLC
Bob Holt, Chief Executive Tel: 07778 798 816 Andrew Smith, Finance Director Tel: 07712 866 461 www.mearsgroup.co.uk
Threadneedle Communications Trevor Bass/Alex White Tel: 020 7936 9666
Joint Broker to Mears Group PLC - Investec Keith Anderson/Daniel Adams Tel:020 7597 5970
Joint Broker to Mears Group PLC - Arbuthnot Securities Mark Brown/Richard Tulloch Tel:020 7012 2150
Hansard Group John Bick Tel: 07872 061007