Business
Disposal and Strategy Update
Disposal and Strategy Update.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 4582Q Hargreaves Services PLC 01 September 2014 \n\nFor immediate release 1 September 2014\n \nHARGREAVES SERVICES PLC\n(\"Hargreaves\" or the \"Group\")\n \nAnnouncement of Disposal of Imperial Tankers and Strategy Update \n \n \nHargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, announces the disposal of the Group's wholly owned subsidiary, Imperial Tankers Limited (\"Imperial\"), to Suttons Transport Group for a cash consideration of £26.9m, further details of which are given below. This disposal is a first step in implementing a new strategy to focus the Group on its core strengths, simplify operations and ensure the business is optimally placed to respond to changes in market conditions.\nHargreaves has successfully developed its position as the UK's leading coal production, trading and distribution company. The Group's current activities comprise:\n· the UK's largest independent coal and coke sourcing and trading operation;\n· the largest portfolio of surface coal mines in the UK;\n· a leading industrial services operation, providing materials handling and related services to coal fired power stations and the steel industry; and \n· a successful coke trading business in Germany, operating as an associated company.\nDisposal of Imperial Tankers\nImperial has been part of the Group since it was acquired in 2007 for a total consideration of £6.3m. The tanker operation has grown steadily under the Group's ownership and has been consistently profitable. However it currently offers limited synergies with other Group operations and now falls outside the Group's core activities. Imperial generated profit ...