Disposal of an Operating Business

RNS Number : 3027F

Northern Bear Plc

20 April 2011

 



20 April 2011

Northern Bear PLC

("Northern Bear" or the "Company")

Disposal of an Operating Business

The Company has today agreed to sell Hastie D Burton Ltd ("Hastie Burton"), which is 100 per cent. owned by its wholly owned subsidiary, Hastie Limited, to Datewood Builders Limited for a consideration of £1 (the "Disposal").  The Disposal follows a review by the board of directors of the Company (the "Board") of Hastie Burton's operations, as part of a wider review of operational performance across the business.  

Hastie Burton provides general building services to clients across the north east of England and has suffered as a result of the prevailing economic climate. In the year ended 31 March 2011, it recorded an unaudited loss before tax of £0.11 million and as at 31 March 2011 had unaudited net assets of £0.07 million.  The Board believes that the Disposal is in the best interest of shareholders and leaves Northern Bear better placed to make operational improvements in the future.

**ENDS**

For further information contact:

Northern Bear Plc

Graham Forrest - Chief Executive Officer                     [phone]

Strand Hanson Ltd

James Harris / James Spinney/ Rory Chichester           [phone]

Seymour Pierce Ltd

David Banks / Paul Jewell / Katie Ratner                      [phone]

 

END

 

 

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