RNS Number : 9611R
08 May 2009
8 May 2009
Disposal of the business of John Corby Limited
The Board of Jourdan plc ('Jourdan' or the 'Company') is pleased to announce that the Company has today sold the business, fixed assets and stock of John Corby Limited ('Corby') for a total consideration of approximately £700,000. Corby is a wholly owned subsidiary company involved in the manufacturer of trouser presses.
The consideration comprises an initial cash payment of £200,000 which has been received on completion and further monthly cash payments over the next 12 months. The sale price reflects the net assets of the business plus goodwill of £75,000. Corby generated sales in the six months to December 2008 of £1,497,000.
This planned disposal is consistent with Jourdan's transformation from a broadly-based industrial manufacturing company to a specialist medical packaging business. Jourdan is now the leading UK manufacturer and supplier of single-use sterilisation packaging material to the medical and healthcare industry. Like for like sales in the first nine months of the year are well ahead of last year and this latest disposal will further reduce the Company's bank debt, leaving the Company well positioned to take advantage of any further opportunities.
David Abell, Chairman, stated 'The disposal of the Corby business will now allow Jourdan to focus on the medical packaging businesses at Westfield Medical and Clinipak, both of which are continuing to perform strongly, partly because of a substantial increase in sales to their eighty export markets helped by the massive devaluation of sterling.'
David Abell, Chairman Tel: 01476 403456
Charles Stanley Securities Tel: 020 7149 6000
Nominated Adviser & Broker
Russell Cook / Carl Holmes
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