Allen PLC
6 March 2001
FOR IMMEDIATE RELEASE
6 March 2001
Allen Plc ('Allen' or 'Group')
(Support Services)
DISPOSAL OF G PEARCE CIVIL ENGINEERING LIMITED
Allen announces it has completed the sale of the entire issued share capital
of G Pearce Civil Engineering Limited ('G Pearce'), it's Civil Engineering
Contractor based in Devizes, to Rifsons Venture Capital Limited ('Rifsons')
for a total consideration of £19,000 plus a payment of £169,000 in respect of
an on-going contract. These amounts have been satisfied in cash, which will
be used to reduce borrowings.
As part of the disposal, Allen will retain £2,850,000 of debtors and discharge
liabilities of approximately £700,000 plus bank debt of £3,746,000. Allen had
already provided for the loss on disposal of this business.
The sale follows the announcement on 18 September 2000 that Allen would either
sell or close this business due to deterioration in trading.
For further information:
Allen Plc
John Brown (Chief Executive Officer) 01204 699277
Neil O'Brien (Finance Director) 01204 699277
Binns & Co Public Relations
Brian Coleman-Smith 020 7786 9600
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