20 April 2011
Northern Bear PLC
("Northern Bear" or the "Company")
Disposal of an Operating Business
The 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.
Hastie 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.
**ENDS**
For further information contact:
Northern Bear Plc
Graham Forrest - Chief Executive Officer +44 (0) 776 496 3751
Strand Hanson Ltd
James Harris / James Spinney/ Rory Chichester +44 (0) 20 7409 3494
Seymour Pierce Ltd
David Banks / Paul Jewell / Katie Ratner +44 (0) 20 7107 8000
This information is provided by RNS