11 Oct 2011 07:00
11 October 2011
MBL Group plc
("MBL" or "the Group")
MBL Group plc announces disposal of Global Media Vault
The Board of MBL Group plc announces that it has signed an agreement to sell its Digital and eCommerce businesses, Global Media Vault Limited and MBL Guernsey PCC Limited (collectively "GMV"), to Sainsbury's Supermarkets Ltd. The sale follows a decision previously announced within the Operating Review of the Group plc's Preliminary Announcement dated 26 August 2011 to withdraw from this business due to high development costs.
The purchase consideration is £1 million cash. In the financial year to 31 March 2011, GMV made a loss before tax of £2.9 million and had net liabilities of £3.9 million. The sale proceeds will be used for working capital purposes.
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For further information please contact:
MBL Group plc Tel: 0161 767 1620
Peter Cowgill, Non-Executive Chairman
Brewin Dolphin Limited Tel: 0845 213 4729
Mark Brady
Sean Wyndham-Quin
Bishopsgate Communications Ltd. Tel: 020 7562 3350
Deepali Schneider
Natalie Quinn
mbl@bishopsgatecommunications.com