Wed, 01 Aug 2012 | BUSINESS SALE
Pochin's has completed the sale of its loss-making division Pochin Concrete Pumping to Alcedo for £1.
There is the potential for the price to rise to £1 million, while the terms of the sale also include the assignment of a loan of not less than £1 million due from Pochin Concrete Pumping to its parent group.
A statement from Pochin's read: “The decision to dispose of the loss making concrete pumping business was announced with the results for the year ending 31 May 2011 and the board is pleased that the process has now reached a successful conclusion.
"The board believes that the disposal is in the best interests of the shareholders and the company as a whole, as it will improve the underlying performance and sustainability of the group.”
It added that in disposing of the business the company's management will be able to focus on the two core areas of the business, which are construction and commercial property investment and development.
The concrete pumping business held net assets valued at £1.2 million as of 31 May this year, while its loss on ordinary activities before tax for the year to the end of May was £1.4 million.
Grant Thornton handled the sale of the business.
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