Acquisition
24th March 2011
Billington Holdings plc
("The Company" or "Billington")
Acquisition of certain assets from
Peter Marshall (Fire Escapes) Limited (in administration)
Billington Holdings plc, one of the UK's leading structural steel and construction safety solutions specialists, today announces it has reached agreement to acquire certain assets from Peter Marshall (Fire Escapes) Limited (in administration) ("Marshall") for a total cash consideration of £98,388. Under the terms of the agreement certain plant, equipment, stock and work in progress (with a total book value of approximately £250,000 as disclosed in unaudited January 2011 management accounts) and a forward order book of approximately £1.3 million, will transfer across to Billington with immediate effect.
The cash consideration will be paid to the administrators of Marshall, KPMG LLP, from existing cash resources (at 31 December 2010 Billington had a net cash position of £4.9m).
Marshall, which trades under the name Marshall Steel Stairs, is a specialist business principally engaged in the design, fabrication and installation of highly engineered steelwork and balustrade systems. For the financial year ended 30 November 2009 Marshall, which was placed into administration on 22 March 2011, generated revenue of £4.1 million and a loss before tax of £367,000.
Marshall is a specialist supplier to Billington with other major customers including Balfour Beatty, Westfield Towns Limited and William Hares. Billington is committed to honouring all contracts transferred across as part of the agreement, at existing terms, to a satisfactory conclusion for all parties concerned. An example of Marshall's current work is the supply and construction of staircases at the Stratford Westfield Shopping Centre.
The business will continue to trade separately and will retain its current branding.
Commenting, Steve Fareham, CEO of Billington Holdings said:
"The board is delighted that we were able to move quickly and take up the opportunity to acquire Marshall Steel Stairs. We have worked for many years with the company and see this as a complementary product that will sit well within our existing business. As we are acquiring the business out of administration, the acquisition is debt free and provides immediate upside earnings potential."
For further information contact:
|
Billington Holdings plc Steve Fareham, Chief Executive |
www.billington-holdings.plc.uk Tel: +44 (0) 01226 340666 |
|
Blythe Weigh Communications Tim Blythe, Ana Ribeiro, Matthew Neal |
Tel: + 44 (0) 20 7138 3204 |
|
WH Ireland Limited
Katy Mitchell |
Tel: 0113 3946600 |
Notes to Editors
With history dating back to 1947, Billington Holdings Plc was formed in June 2008 following the disposal of non-core assets and change of name from Amco Corporation Plc.
The Group comprises of two divisions:
Structural Steel
Billington Structures Ltd has supplied structural steelwork to the UK and overseas markets since 1947, specialising in design, supply, fabrication and erection. From our production facilities, in the North at Barnsley and the South at Bristol, we supply customers throughout the UK with a range of structures, from portal frame and beam and column buildings, to complex structures in excess of 6,000 tonnes. Between the two sites, we are able to process in the region of 25,000 tonnes of steel per annum.
Billington's expertise is relied upon by some of the most respected Blue Chip contractors in the UK. Supported by a loyal and proficient workforce, the company is committed to achieving excellence through training and unrivalled customer services.
Billington was the first fabricator in the industry to achieve ISO14001 for Environmental Practices, second to achieve ISO9001 for Quality Assurance, achieved ISO18001 for Health & Safety in 2005, Gold Standard in Sustainability 2006 and currently hold the prestigious Investors in People award. Billington's involvement with Blue Chip supply chain partnerships is tested and consistent, and has proved reliable for the more discerning organisations in the construction industry.
easi-edge Safety Solutions
easi-edge is a specialist in the development , production and rental or sale of edge protection systems and of other safety related products for the construction industry.
easi-edge's products are tested to BS EN 13374, Class B by Lloyds British and Lloyds Register and provide a complete service from technical services through to delivery and training. The easi-edge protection system has been designed by chartered structural engineers and is quality assured to ISO 9001.
Billington Holdings Plc is headquartered in Wombwell, South Yorkshire. For further information, visit http://www.billington-holdings.plc.uk/.
Marshall Steel Stairs
Marshall Steel Stairs is a specialist business principally engaged in the design, fabrication and installation of highly engineered steelwork and balustrade systems.
Originally founded as Peter Marshall (Fire Escapes) Ltd in 1970 the company has developed its experience and expertise over thirty seven years to become one of the leading fabricators of steel staircases in the UK.
This information is provided by RNS