Business
Disposal
Disposal.
About this update from Alumasc Group Plc
[{"type":"text","content":"\n \nRNS Number : 0879T Alumasc Group PLC 01 October 2014 \n \n\nIMMEDIATE RELEASE - Wednesday, 1 October 2014\n \nThe Alumasc Group disposes of Pendock\n \nThe Alumasc Group plc (\"Alumasc\"), the premium building and engineering products business, has today completed the sale of the trade and assets of Pendock, its pre-formed plywood pipe boxing business, to Davidson Holdings Limited (\"Davidson\") for a cash consideration of £1.5 million. The consideration is payable on completion, and is subject only to confirmation of the value of net assets of Pendock as at 30 September 2014. Davidson and Pendock both manufacture products that are sold into similar markets. \n \nThe employees of Pendock will transfer with the business under TUPE and Davidson has confirmed it will continue the operation of the business at its current factory in Telford and has signed a new lease on those premises.\n \nPendock generated revenues of £3.1 million and operating profits of £0.3 million in the year ended 30 June 2014. The book value of Pendock in Alumasc's accounts as at 30 June 2014 was approximately £0.4 million. \n \nPaul Hooper, Alumasc's Chief Executive said: \n \n\"The disposal of Pendock is consistent with the Board's stated objective of focusing management and financial resources on developing core activities. The consideration received from the sale will be used to accelerate the expansion of Alumasc's market leading sustainable building product activities, where growth rates have exceeded UK construction market averages in recent years. \n \nAll at Alumasc extend our great thanks to Pendock's employees for the hard work and success they have achieved. We are delighted that Pendock will now be owned by a group that we believe is better placed to continue to develop and grow the business in future\". \n \nGeoffrey Gestetner, Managing Director of Davidson (www.davidsonholdings.co.uk) commented:\n \n \"We are delighted that Pendock (www.pendock.co.uk) has been added to Talon (www.talon.co.uk) within our Clips and Fixings Division. Pendock is another UK manufacturer and brand-leading business with a good reputation for quality products and high service levels to both contractors and merchants. As an existing supplier to these channels with complementary pro...