Business
Disposal
Disposal.
About this update from Hill & Smith Plc
[{"type":"text","content":"\n \nRNS Number : 4503P Hill & Smith Hldgs PLC 19 August 2014 \n\n \n \n \nHill & Smith Holdings PLC ('Hill & Smith' or 'the Group')\n \nDisposal of non-core businesses\n \n \n \nHill & Smith, the international group with leading positions in the supply of infrastructure products and galvanising services to global markets, announces that on 18 August 2014 it completed the sale of its wholly owned subsidiary Bromford Iron & Steel Company Limited ('Bromford') and the business and assets of JA Envirotanks ('Envirotanks'), a trading division of Joseph Ash Ltd (together the 'Disposal'). Bromford has been sold to Offshore Sourcing Limited and Envirotanks to Offshore ETKS Limited, who own other steel related manufacturing businesses.\n \nNet disposal proceeds were £1.5m, of which £0.8m was received at completion with the balance of £0.7m being payable over the following 2 years.\n \nBromford is a long established producer of hot rolled steel, used in the manufacture of industrial flooring and specialist steel for chain and horseshoe manufacture. Envirotanks is a small niche market supplier of storage tanks for industrial applications. In 2013 the two businesses had combined revenue of £15.5m and operating losses of £0.6m. The assets and liabilities of the businesses were treated as held for sale in the Group's interim results to 30 June 2014 and valued at their expected net disposal proceeds of £1.5m.\n \nCommenting on the Disposal, Derek Muir, Chief Executive of Hill & Smith, said:\n \n'The Disposal is in line with our strategy of focusing on our core activities, improving financial performance metrics and creating scalable business units that can drive and deliver further growth'.\n \n \nEnquiries:\n \nDerek Muir\nChief Executive\nHill & Smith Holdings PLC\nTel: +44 (0)121 704 7430\n \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISBLGDIIUBBGSI\n ","length":2765,"tagName":"div"}]