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Disposal

26 Jul 2010 07:00

RNS Number : 8774P
Universe Group PLC
26 July 2010
 



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.

 

-ends-

 

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

This information is provided by RNS
The company news service from the London Stock Exchange
 
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