28 March 2003
Acquisition of Minority Interest in IBL
Willington plc is pleased to announce that it has, on 25 March 2003, completed
the acquisition of the 20 per cent outstanding minority equity interest in its
subsidiary company, International Bulk Liquids (Storage and Transport) Limited
The consideration for the acquisition is £700,000 in cash of which £400,000 was
paid to the vendor, J H Whitaker (Holdings) Ltd, on completion, with a further
£300,000 payable (without interest) on 30 April 2005.
The business of IBL and its subsidiary London Container Services Limited
together constitute the Willington storage division. The profit before taxation
of the storage division for the year to 31 December 2001 was £270,000 on
turnover of £7.5 million and for the half-year to 30 June 2002, profit before
taxation was £60,000 . At that date, the net assets of the storage division
were £6.6 million.
The effect of this transaction will be to eliminate all minority interests in
the net assets of the Willington group, which minority interests amounted to
£1.5 million at 30 June 2002. As a result of the acquisition there will be a
saving in group costs to the extent that amounts previously paid to the
minority, such as dividends, will remain within the group for utilisation.
Vincent Troy, Managing Director 020 7419 0100
This information is provided by RNS
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