Disposal

RNS Number : 9508Y

Mears Group PLC

14 July 2008

 



14 July 2008

Mears Group PLC 

('Mears' or the 'Company')

Disposal of United Fleet Distribution Limited ('UFD')

Mears is pleased to announce that it has disposed of UFD, its vehicle distribution division, for £2.8m in cash to BCA, the UK market leader in vehicle remarketing.

For the year ended 31 December 2007, UFD contributed £9.2m of revenue and profit before tax of £0.5m.

Commenting, Bob Holt, Chief Executive of Mears, said:

'UFD played a significant role in the growth and maturity of Mears over the last 10 years and represents our first ever disposal. I would like to thank the UFD management team and wish them future success. The activities of UFD were non-core and the offer represents excellent value for Mears. The disposal will allow Mears to be even more focused on its core operating divisions.'

Enquiries:

Mears Group PLC 

Bob Holt, Chief Executive
Tel: [phone] 
Andrew Smith, Finance Director
Tel: [phone]   
www.mearsgroup.co.uk

Threadneedle Communications 
Trevor Bass/Alex White
Tel: [phone] 

Joint Broker to Mears Group PLC - Investec 
Keith Anderson/Daniel Adams
Tel:[phone] 

Joint Broker to Mears Group PLC - Arbuthnot Securities 
Mark Brown/Richard Tulloch
Tel:[phone] 

Hansard Group 
John Bick
Tel: [phone]

 

END

 

 

DISSFAFWFSASEDW