15 July 2003
Willington plc announces that it has agreed to transfer the goodwill (including
rights to use the R.E.B. Willcox name under licence) and current employees of
its subsidiary R.E.B. Willcox Limited ('Willcox') to Corrie McColl and Son
Limited with effect from the close of business on 15 July 2003 for a nominal
The remaining assets and liabilities of Willcox will be retained in the
Willington group and will be liquidated over a period of months by performance
of outstanding contracts, which liquidation is expected to reflect positively in
the company's financial results.
The effect of the disposal will be to realise cash through such liquidation,
which cash (net of any associated taxes and expenses) will be utilised to reduce
group borrowings and to enable resources made available as a consequence of the
transfer to be redeployed efficiently elsewhere within the group.
Vincent Troy 020 7419 0100
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