Norish PLC
14 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 Mrs
Panna 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 cleaning
operation which hit the facility badly in the latter part of 2004 as well as
the loss of it's major coffee customer's business in early 2005. Belvedere
contributed profits of £0.4m before central costs for the full year to 31
December 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's
borrowings.
Commenting on the disposal, Ted O'Neill, Executive Chairman, said: 'The sale of
Belvedere reflects the implementation of the Company's strategy to exit from its
commodity activities in raw material storage of coffee and cocoa. The sale of
the business will enable Norish to focus its efforts on its other facilities
which continue to perform in line with expectations.'
Enquiries:
Norish
Ted O'Neill, Executive Chairman Telephone: + 44 208 320 5680
NCB
Liam Booth, Managing Director Telephone: + 353 1 611 5611
About Norish:
Norish plc is a leading food services company dedicated to serving the
manufacturing, distribution and retailing sectors. The group operates
strategically located temperature controlled distribution centres, each of which
provides storage, freezing, picking, order assembly and distribution services
to food companies engaged in processing, wholesaling and retailing. In
addition to the temperature controlled facility the group provides a
comprehensive 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
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.