Business
Acquisition
Acquisition.
About this update from Billington Holdings Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 5183D Billington Holdings PLC 24 March 2011 \n \n\n \n24th March 2011\nBillington Holdings plc\n \n(\"The Company\" or \"Billington\")\n \nAcquisition of certain assets from \nPeter Marshall (Fire Escapes) Limited (in administration)\n \n \nBillington 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.\n \nThe 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). \n \nMarshall, 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.\n \nMarshall 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.\n \nThe business will continue to trade separately and will retain its current branding. \n \nCommenting, Steve Fareham, CEO of Billington Holdings said:\n \n\"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 produc...