Re Government announcement on UK Coal

RNS Number : 5482E

Hargreaves Services PLC

10 April 2014

 

For immediate release

10 April 2014

Hargreaves Services plc

("Hargreaves" or the "Company")

Re Government announcement on UK Coal

Hargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, notes the Government's decision today to support, in principle, the managed wind down and closure of UK Coal.  

Hargreaves confirms that it is working closely with Government and key stakeholders with the intention of providing marketing and operational support on commercial terms, including the provision of a £5m secured loan.

Gordon Banham, CEO of Hargreaves, said: "The planned closure of UK Coal marks a sombre day for the UK's coal industry. We, alongside Government and other stakeholders, feel a responsibility to support a well-managed and respectful wind-down of UK Coal's operations, which employ around 2,000 people. In addition to the proposed £5m loan, we would assist in the marketing of UK Coal stocks and provide a range of support services."

For further details:

Hargreaves Services	Tel: [phone]
Gordon Banham, CEO
Iain Cockburn, Finance Director
Buchanan	Tel: [phone]
Mark Court / Fiona Henson / Sophie Cowles
N+1 Singer (Nomad & Joint Broker)	Tel: [phone]
Sandy Fraser / Nick Owen
Jefferies Hoare Govett (Joint Broker)	Tel: [phone]
Sara Hale / Harry Nicholas

 

END

 

 

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