Disposal

Oriental Restaurant Group PLC 2 August 2000 Oriental Restaurant Group plc ('Oriental' or 'the Company') Disposal of the Business and Assets Of the Central Production Kitchen Oriental Restaurant Group plc today announces that it has entered into an agreement, subject only to landlord's consent, for the disposal of the business and assets of its Central Production Kitchen operation, located in Park Royal, London, for £600,000 in cash which is equivalent to the current book value. As stated in the Group's preliminary results announced recently, the Board continues to believe that the central sourcing of quality assured product for the Group's branded restaurants is an essential element of its strategy. Therefore, the continuity and quality of supply remains of critical importance. However, the management recognises that the Group is still at a relatively early stage of its roll out of its Yellow River Cafe concept and consequently, there is a disparity between volume and output at the Central Kitchen facility which is likely to be ongoing for a considerable period. With the supply of product now assured through a supply agreement with the purchaser, and the consequent improvement to cash flow, the Group has concluded that a sale of this operation will generate significant shareholder value. Enquiries: Oriental Restaurant Group plc Alan Jackson, Chairman Tel: 020 7929 6868 Ian Johnson, Finance Director College Hill Tel: 020 7457 2020 Matthew Smallwood Justine Warren
UK 100

Latest directors dealings