Business
Disposal of Wheldon Contracts and Services Limited
Disposal of Wheldon Contracts and Services Limited.
About this update from Kier Group Plc
[{"type":"text","content":"\n \nRNS Number : 1371T Kier Group PLC 29 June 2018 \n\n29 June 2018 \n \nKIER GROUP PLC\n \nDisposal of Wheldon Contracts and Services Limited\nKier Group plc (\"Kier\"), a leading property, residential, construction and services group, announces that it has completed the disposal of Wheldon Contracts and Services Limited (\"Wheldons\") to Eighty Seven Holdings Limited for a total consideration of up to £0.4m, satisfied in cash. \nWheldons, acquired in July 2017 as part of Kier's acquisition of McNicholas, provides heating services in the housing and commercial sectors for registered providers and contractors.\nFor the financial year ended 30 June 2017 (prior to its acquisition by Kier), Wheldons reported a loss before tax of £2m. In the financial year ending 30 June 2018, Wheldons is expected to report a marginal loss before tax of approximately £0.6m. Wheldons had gross assets at 30 June 2017 of £4.0m.\nNet disposal proceeds after costs are expected to be immaterial.\n \n- E N D S -\n \nFor further information, please contact:\nLouise Turner-Smith, Kier investor relations +44 (0)7976 90012\nKier press office +44 (0)1767 355903\nRichard Mountain/Nick Hasell, FTI Consulting +44 (0) 20 3727 1340\n \n\n\n\n\n \n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n \n \n \n \n \n\n\n\nThis announcement does not constitute an offer of securities by Kier Group plc (the \"Company\"). Nothing in this announcement is intended to be, or intended to be construed as, a profit forecast or a guide as to the performance, financial or otherwise, of the Company or any of its subsidiaries (together, the \"Group\") whether in the current or any future financial year. This announcement may include statements that are, or may be deemed to be, ''forward-looking statements''. By their nature, forward-looking statements involve risks an...