Fri, 30 Apr 2010 | BUSINESS NEWS
UK Coal is selling off swathes of its land across the country after making a larger than expected pre-tax loss of £129m last year.
The country's largest coal mining company is selling potential pit development land in the Midlands, North East and Scotland, amounting to a third of its 28,000-acre portfolio of agricultural land. It is estimated to fetch £35 million.
The pre-tax loss sank from £15 million the previous year, and revenues dived from £392 million to £316 million.
The company is facing difficulties including low brownfield prices and geological problems at its underground mines.
UK Coal has taken on £30 million in new loans and extended the terms of its existing loans. Its gearing level was 119 per cent at the end of 2009, compared with 46 per cent in 2008. Total borrowing at the end of March was £236 million.
Chairman David Jones said: "We intend to take advantage of the current strong market values for agricultural land to pursue the disposal of a significant proportion of our agricultural estate and to explore joint-venturing the development of a larger part of our brownfield land portfolio."
The brownfield land has been set aside for commercial and residential development and, while the company believes the land is worth £820 million, is sitting on the books at £394 million.
The turnover in 2009 of £316 million was 20 per cent lower than the 2008 figure of £392.5 million, partly reflecting lower production over the same period from 7.9 million tonnes to 6.9 million tonnes.
Newly upgraded mines are expected to produce 7.6 million tonnes this year, however. Losses per share were 72.9p, against the prior year's 10p loss. The shares fell 1½p to 55p.
Offering for sale the business and assets of Project Pinnacle as a going concern, an independent chain of builders and timber merchants selling to trade professionals and the general public.
The company provides a comprehensive range of multimedia solutions for the wire, cable, tube, pipe and fasteners industries comprising print magazines, digital magazines, websites, digital platforms and social media benefitting from digital advertisi...
An established Irish based engineering business, providing supply, fabrication and erection structural steel solutions to customers across the island of Ireland and Great Britain.
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.