The businesses sold comprise SpeedDeck Building Systems, Prompt Profiles, Stramit Panel Products and Downer Cladding Systems, which are all based at Yaxley in Suffolk. Following the disposal of these businesses, Eleco's continuing ElecoBuild trading subsidiaries will be Bell & Webster Concrete Ltd, based at Grantham and Milbury Systems Ltd, based at Lydney, which are both well established businesses engaged in the manufacture of precast concrete products.
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Based on the audited accounts of the businesses as of 31 December 2012, the assets sold amounted to £1.8m; and the combined turnover and losses of the businesses in the year ended 31 December 2012 amounted to £9.7m and £(1.2)m respectively. Based on unaudited management accounts for the 4 months ended 30 April 2013, the assets sold amounted to £1.8m; and the combined turnover and losses of the businesses amounted to £2.4m and £(0.4)m respectively.
The consideration to be received at completion by Eleco for the sale of the businesses is £200,000 in cash with a further £25,000 in cash to be held in escrow for 1 year. Further sums may be received in certain circumstances.
(CD/IT)
