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Vulcan Industries Plc (VULC)

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Wednesday 30 March, 2022

Vulcan Industries Plc

Disposal of M&G Olympic Products Limited

30 March 2022

Vulcan Industries plc

(“Vulcan” or the “Company”)

Disposal of M&G Olympic Products Limited

Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed of the entire share capital of M&G Olympic Products Ltd (“MGO”) to OJT11 LTD.

Disposal rationale

MGO specialises in the design, manufacture, and installation of custom-built architectural metalwork. Since its acquisition in 2019, MGO has sought to evolve its quality fabrication activities in turnkey project delivery within larger construction projects. Whilst MGO has contributed to award winning projects, following the initial COVID lockdowns the business faltered in picking up from schemes that had enforced interruptions, incurring losses on a number of its larger projects. With the recent acquisition of Aftech Limited (“Aftech”), the Company is seeking to focus its activities on the design and fabrication of bespoke product and to withdraw from providing complete solutions to the construction sector.

In the interim accounts to 30 September 2021 MGO had net liabilities of £825,000. Consideration from the disposal is £1 and its disposal will improve the Group balance sheet of Vulcan Industries plc. 

Ian Tordoff, Executive Chairman, Together with many smaller suppliers to the major construction companies, MGO struggled to balance the cash flow fluctuations across multiple large projects which placed strain on both its processes and its workforce. The disposal will enable Aftech to focus on building our bespoke fabrication business.

For further information, visit: https://vulcanplc.com 

The directors of Vulcan accept responsibility for this announcement.

Contacts

Vulcan Industries plc Via Vox Markets
Ian Tordoff, Chairman
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) +44 7876 888 011
Brian Stockbridge
Gabrielle Cordeiro
Vox Markets (Media and Investor Relations) [email protected]
Kat Perez +44 7881 622 830
Paul Cornelius + 44 7866 384 707

About Vulcan

Vulcan seeks to acquire and consolidate traditional but historically profitable engineering, manufacturing, and industrial SMEs for value and to enhance this value in part through group synergies, but primarily by unlocking growth which is not being achieved as a standalone private company. For more information visit https://www.voxmarkets.co.uk/listings/PLU/VULC

Forward Looking Statements

This news release may contain “forward-looking” statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. 


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