Asset Disposal (9063N)
September 08 2011 - 8:28AM
UK Regulatory
TIDMEVN
RNS Number : 9063N
Environ Group (Investments) PLC
08 September 2011
8 September 2011
Environ Group (Investments) plc
("Environ Group" or the "Company")
Asset Disposal
Environ Group announces that is has today entered into an
agreement with Mr Steven Hancock, a former director of Environ
Group for the disposal of certain assets, including a Training
Centre (principally comprising of a lease and office equipment),
from Environ Group's subsidiary company BGC Ltd, for the sum of
GBP150,000, payable in cash. Mr Hancock shall also provide BGC Ltd
with a loan facility of GBP100,000 at an interest rate of 5%,
repayable on 9(th) September 2012. Mr Nigel Wray, a director of
Environ Group, is providing finance to Mr Hancock.
Mark Sims, the Chief Executive Officer of Environ Group, said
"This transaction is part of our drive to further reduce overheads
within the business and invest more in our core activities. It has
been clear for some time that our Etruria based operation could be
run from within the Company head office facilities. We believe that
there will be a direct reduction in company overheads of GBP200,000
annually as a result of this transaction of which I expect half to
be reflected in this year's trading figures. The loan facility will
allow us to carry out the move without any impact on trading, by
providing us with working capital to ensure a smooth transition
from one location to another."
- End -
For further information, please contact:
Environ Group (Investments) plc
Mark Sims - Chief Executive Officer
Tel: +44 (0) 01782 826939
Nominated Adviser:
Grant Thornton Corporate Finance
Gerry Beaney/Daniela Amihood
Tel: +44 (0) 20 7383 5100
Broker:
Seymour Pierce Limited
Jacqui Briscoe
Tel: +44 (0) 20 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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