Disposal

3 Apr 2008 07:00

Humberts Group PLC02 April 2008 Humberts Group plc ("Humberts" or the "Group") Farleys Management Business sold for £424,500 Humberts (AIM: HUM), the national group of full service estate agents andvaluers, announces today the sale of the management business of Farleys estateagents in South Kensington, London ("Farleys Management") for a totalconsideration of £424,500 payable in cash. As a result of a closed auction process, Farleys Management is being acquired byPeverel Limited ("Peverel") the holding company of the Peverel Group ofcompanies which comprise some of the leading providers of property relatedservices in the UK. Their group companies include Peverel OM Ltd who manage aportfolio of over 1,000 developments across England and Wales, which includessome 70,000 individual homes. The management accounts in respect of the Farleys Management business show aturnover of £363,000 and a contribution of £69,000 for the year ended 30September 2007. Peverel is wholly owned by the Consensus Business Group which is also asubstantial shareholder in Humberts. As such, under the AIM Rules for Companies,Peverel is treated as a related party of Humberts. The directors of Humberts consider, having consulted with Panmure Gordon (UK)Limited, its nominated adviser, that the terms of the transaction are fair andreasonable insofar as its shareholders are concerned. The proceeds from the sale of Farleys Management will be used to strengthen theGroup's working capital position. - ends - For further information: Humberts Group plc - 020 7491 8888John McLean, Executive ChairmanMichael Nower, Interim Chief Executive OfficerNigel Cartwright, Chief Financial Officer Panmure Gordon - 020 7459 3600Grant HarrisonMark LanderRakesh Sharma This information is provided by RNS The company news service from the London Stock Exchange