Completion of Sale

RNS Number : 6660D

Marshalls PLC

01 May 2013

 



Completion of sale of quarries and associated aggregates businesses

Marshalls plc ("Marshalls"), the specialist Landscape Products Group, is pleased to confirm that, further to the announcements made on 10 and 12 April 2013, the sale of the aggregate quarries detailed below to Breedon Aggregates England Limited has completed and that it has received a cash consideration of £17.5 million.

The assets being sold comprise quarries solely supplying aggregates, sand and gravel. The Group has retained all of its dimensional stone quarries some of which produce aggregate as an ancillary product. The quarries sold are the Group's freehold and leasehold quarries at Clearwell, near Lydney, Gloucestershire, which produce primarily high quality limestone aggregates and the Group's sand and gravel quarries located at Dunsville, near Hatfield, South Yorkshire, Astley Moss in Greater Manchester and Mold in North Wales which operates under the Lloyds Sand and Gravel trading name and the business carried on from these quarries. Also included is an option to develop sand and gravel resources near Saredon, Staffordshire.

These quarries currently supply aggregate materials to the construction sector, including materials used by Marshalls in the manufacture of its range of concrete products. For the year ended 31 December 2012, the operating profit generated from the operations carried on at these quarries was £1.1 million, based on an annual turnover of £10.0 million, of which £8.8 million came from sales outside the Group. As at 31 December 2012 the value of the gross assets disposed of was £14.9 million.

The proceeds of the sale will initially be used to reduce Marshalls' Group borrowings.

Enquiries:

Graham Holden	Chief Executive	Marshalls plc	01484 438900
Ian Burrell	Finance Director	Marshalls plc	01484 438900
Jon Coles		Brunswick Group	0207 404 5959
Charlotte Winsley		Brunswick Group	0207 404 5959

 

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