Disposal

14 Apr 2005 17:00

Norish PLC14 April 2005 Norish plc ("Norish" or the "Company") 14 April 2005 Sale of Belvedere Norish is pleased to announce the disposal of its Belvedere facility to MrsPanna Mashru for a total consideration, net of costs, of £2.8m payable in cash.Belvedere is involved in storage handling and other related services for commodities cocoa and coffee. Norish's exit from Belvedere follows the loss of the cocoa bean cleaningoperation which hit the facility badly in the latter part of 2004 as well asthe loss of it's major coffee customer's business in early 2005. Belvederecontributed profits of £0.4m before central costs for the full year to 31December 2004. The net book value attributable to the property and plant is£1.9m. The proceeds from the disposal of Belvedere will eliminate the Company'sborrowings. Commenting on the disposal, Ted O'Neill, Executive Chairman, said: "The sale ofBelvedere reflects the implementation of the Company's strategy to exit from itscommodity activities in raw material storage of coffee and cocoa. The sale ofthe business will enable Norish to focus its efforts on its other facilitieswhich continue to perform in line with expectations." Enquiries:NorishTed O'Neill, Executive Chairman Telephone: + 44 208 320 5680NCBLiam Booth, Managing Director Telephone: + 353 1 611 5611 About Norish: Norish plc is a leading food services company dedicated to serving themanufacturing, distribution and retailing sectors. The group operatesstrategically located temperature controlled distribution centres, each of whichprovides storage, freezing, picking, order assembly and distribution servicesto food companies engaged in processing, wholesaling and retailing. Inaddition to the temperature controlled facility the group provides acomprehensive range of ambient warehousing services including importation,storage and other added value services. This information is provided by RNS The company news service from the London Stock Exchange