Guinness Peat Group PLC
21 July 2005
GUINNESS PEAT GROUP plc
("GPG") DISPOSAL OF CERTAIN STAVELEY UK BUSINESSES
GPG announces that in two separate transactions it has sold the M&E Contracting
and Facilities Maintenance Services businesses of Staveley in the UK.
The combined cash proceeds received at completion total £18.0m. In addition,
deferred consideration of £1.5m is receivable. At completion the combined net
liabilities of the businesses sold were £7.5m.
In the year ended 31 December 2004 these businesses contributed an operating
profit (before allocation of Staveley 2004 Head Office costs of £2.3m), of £4.5m
to GPG group profit before tax and sales were £211.8m. Net operating
liabilities were £13.3m at 31 December 2004.
GPG continues to own Hall and Kay, the Staveley fire protection business, in
respect of which it is in exclusive discussions with a prospective purchaser.
GPG is a strategic investment company. The sales proceeds are in the form of
cash and this will be utilised in GPG's ongoing business.
This information is provided by RNS
The company news service from the London Stock Exchange
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