Business
Agrees Acquisition of Assets from Marshalls PLC
Agrees Acquisition of Assets from Marshalls PLC.
About this update from Breedon Group Plc
[{"type":"text","content":"\n \nRNS Number : 2113C Breedon Aggregates Ld 12 April 2013 \n \n\n \n \n \n \n \n \nNews release\n \n \n12 April 2013 \n \nBreedon Aggregates Limited \n(\"Breedon Aggregates\" or the \"Group\")\n \nBreedon Aggregates agrees acquisition of assets from Marshalls PLC\n \nFurther to the announcement made by Breedon Aggregates, and separately by Marshalls plc, on 10 April 2013, the Group is pleased to announce that Breedon Aggregates England Limited has now reached agreement and exchanged contracts to purchase certain assets from Marshalls Mono Limited (\"Marshalls\") for an initial consideration of £17.5 million in cash. The final consideration will be up to £19.0 million, dependent on certain conditions subsequent.\n \nThe assets to be acquired comprise freehold and leasehold quarries at: Clearwell, near Lydney, Gloucestershire, which produces primarily high quality limestone aggregates; and sand and gravel quarries located at Dunsville, near Hatfield, South Yorkshire; Astley Moss in Greater Manchester; and Mold in North Wales, which operates under the Lloyds Sand and Gravel trading name (together, the \"Quarries\"). The acquisition agreement also includes an option to develop sand and gravel resources near Saredon, Staffordshire. The Quarries will provide an additional 13 million tonnes of mineral reserves and resources to the Group and the potential for additional mineral prospects of 5 million tonnes.\n \nThe Quarries represent a move into new but contiguous markets for the Group. As announced previously, aggregate production from the Quarries was 0.9 million tonnes in 2012, generating revenue of approximately £10 million and an EBITDA of £2.3 million. \n \nThe acquisition remains conditional, inter alia, upon the passing of the resolutions at the Extraordinary General Meeting of Breedon Aggregates to be held at the offices of Travers Smith LLP, 10 Snow Hill, London EC1A 2AL on 26 April 2013 at 11:00am and certain other conditions precedent.\n \n \n- ends -\n \n \n \n \n \n \n \n \nFor further information:\n \nBreedon Aggregates Limited &nbs...