Sign In
Last checked at 
14 Jul 2008 07:00
ο»Ώ
14 July 2008
Mears Group PLCΒ
("Mears" or the "Company")
Β
Disposal of United Fleet Distribution LimitedΒ ("UFD")
Mears is pleased to announce that it hasΒ disposed of UFD, its vehicle distribution division, for Β£2.8m in cash to BCA, theΒ UKΒ market leader in vehicle remarketing.
For the year ended 31 December 2007,Β UFDΒ contributed Β£9.2m of revenue andΒ profit before tax ofΒ Β£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 offerΒ representsΒ excellent value for Mears. The disposal will allowΒ MearsΒ toΒ be even moreΒ focusedΒ on its core operating divisions."
Enquiries:
Mears Group PLCΒ
Bob Holt, Chief Executive Tel: 07778 798 816Β Andrew Smith, Finance Director Tel: 07712 866 461 www.mearsgroup.co.uk
Threadneedle CommunicationsΒ Trevor Bass/Alex White Tel: 020 7936 9666Β
Joint Broker to Mears Group PLC - InvestecΒ Keith Anderson/Daniel Adams Tel:020 7597 5970Β
Joint Broker to Mears Group PLC - Arbuthnot SecuritiesΒ Mark Brown/Richard Tulloch Tel:020 7012 2150Β
Hansard GroupΒ John Bick Tel: 07872 061007
Follow the stocks
