Business
Disposal of an Operating Business
Disposal of an Operating Business.
About this update from Northern Bear Plc
[{"type":"text","content":"\n \nRNS Number : 3027F Northern Bear Plc 20 April 2011 \n \n\n20 April 2011\n \nNorthern Bear PLC\n(\"Northern Bear\" or the \"Company\")\n \nDisposal of an Operating Business\n \n \nThe Company has today agreed to sell Hastie D Burton Ltd (\"Hastie Burton\"), which is 100 per cent. owned by its wholly owned subsidiary, Hastie Limited, to Datewood Builders Limited for a consideration of £1 (the \"Disposal\"). The Disposal follows a review by the board of directors of the Company (the \"Board\") of Hastie Burton's operations, as part of a wider review of operational performance across the business. \n \nHastie Burton provides general building services to clients across the north east of England and has suffered as a result of the prevailing economic climate. In the year ended 31 March 2011, it recorded an unaudited loss before tax of £0.11 million and as at 31 March 2011 had unaudited net assets of £0.07 million. The Board believes that the Disposal is in the best interest of shareholders and leaves Northern Bear better placed to make operational improvements in the future.\n \n**ENDS**\n \nFor further information contact:\n \nNorthern Bear Plc\nGraham Forrest - Chief Executive Officer +44 (0) 776 496 3751\n \nStrand Hanson Ltd\nJames Harris / James Spinney/ Rory Chichester +44 (0) 20 7409 3494\n \nSeymour Pierce Ltd\nDavid Banks / Paul Jewell / Katie Ratner +44 (0) 20 7107 8000\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISIMMATMBJTBRB \n ","length":3406,"tagName":"div"}]