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26 Jul 2010 07:00
For immediate release: 26 July 2010
Universe Group PLC
("Universe" or "the Company")
Disposal of JetSet Wash Systems Limited
("JetSet")
Universe (AIM:UNG.L) announces that it has sold JetSet for a consideration of approximately £0.4 million to be satisfied in cash.
In the year ended 31 December 2009, JetSet, which is a provider of vehicle washing technology and ancillary forecourt equipment, reported sales of approximately £1.933 million and operating losses of approximately £0.241 million and as at 31 December 2009, its net assets represented £0.576 million of the Group's total net assets of £13.536 million.
Universe intends to use the net proceeds from the sale of JetSet to reduce the Company's overall levels of debt.
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Universe Group PLC
John Scholes, Chairman
Paul Cooper, Chief Executive
Tel: 02380 689 510
Arbuthnot Securities Limited
Tom Griffiths
Tel: 020 7012 2000
Tavistock Communications
John West / Andrew Dunn
Tel: 020 7920 3150
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