MANX & OVERSEAS PLC
15 October 1999
Further to the announcement made on 4 October 1999, Manx & Overseas Plc (the
'Company'), the Isle of Man based trading and property company, is pleased to
announce details of the sale of the business and assets of Tods and Norths
Limited ('Tods and Norths') to Travis Perkins. The Company has today
completed the sale for a cash consideration of #1.6m subject to adjustment in
respect of the value of the stock being transferred.
Tods and Norths Limited principal activity is that of building materials
supplier in the Isle of Man. The value of these net assets being sold is
approximately #1.08m to which profits of #l52,000 were attributable in the
year to 30 September 1998. The Company expects to benefit from the sale of
Tods and Norths as the cash consideration will be re-invested in property.
Tods and Norths will continue to operate from its properties in Ramsey and at
The Milestone in Douglas. Travis Perkins has entered into a new twenty five
years lease over part of The Milestone property in Douglas at a commencing
rent of #129,000 p.a. and Manx is retaining the freehold of The Milestone
property for its investment portfolio. Travis Perkins has additionally
purchased the freehold of the Ramsey property for a cash consideration of
#35,000.
Commenting on the transaction, Desmond Bloom the Chairman of Manx said, 'I am
satisfied that Tods and Norths and its staff will enjoy a more favourable
future under the ownership of Travis Perkins who are one of the leading
building supplies companies in the UK. At the same time Manx has enhanced the
value of the Milestone property where excellent rental growth is expected in
the future. The only remaining non property businesses owned by Manx is
Waltons Television and Pascoes which have been one of the leading brown and
white electrical goods businesses on the Isle of Man for many years.'
For further information please contact :
Desmond Bloom (Chairman) 0171 495 7799
Baron Phillips (Baron Phillips Associates) 0171 224 1302