Sirdar PLC
30 March 2000
Acquisition of business
Sirdar PLC ('Sirdar') announces that it has today acquired
the yarn covering business and certain assets of Clutsom &
Kemp from Sherwood Group PLC. The consideration for the
acquisition is £250,000 in cash, payable from existing
resources, of which £150,000 is payable on completion and
£100,000 on agreement of the completion accounts.
This acquisition emphasises Sirdar's continuing focus on
higher margin products within the hand knitting and machine
yarns division. In the year ended 31st December 1999, the
business generated turnover of £2.9 million and profits of
£0.25 million, although profitability has reduced in recent
months. As at 31 December 1999, net assets being acquired
amounted to approximately £0.5 million.
Further enquiries:
Sirdar PLC
Kevin Henry 01924 371501