Speedy Scaffolding Disposal for £2.1m

Allen PLC 1 June 2000 Allen Plc ('Allen') (Hire Services, Housebuilding, Civil Engineering Contracting, Building Contracting) SPEEDY SCAFFOLDING DISPOSAL FOR £2.1 MILLION Allen, the construction services group, announces that it has sold Speedy Scaffolding Limited ('Speedy Scaffolding') to the management team for £2.1 million. In the year ended 28 March 1999, Speedy Scaffolding made a profit before tax of £293,000 on turnover of £3.16 million. Ken Fox, the Chief Executive, said: 'Speedy Scaffolding is a small regional sub-contractor for the supply and erection of scaffolding to the building industry. The Board felt that it was not a core activity within the expanding Hire Services Division. The disposal is, therefore, in line with our strategy of focusing our resources in the sectors of the business where we can see the best returns on our investment and maximise shareholder value. 'In thanking the management and the employees of Speedy Scaffolding for their contribution over the years, we wish them every success in the future.' For further information: Ken Fox (Chief Executive) 01204 699277 Neil O'Brien (Finance Director) 01204 699277 Brian Coleman-Smith 020 7786 9600 Binns & Co Public Relations

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Speedy Hire (SDY)
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