Pochin's sells concrete pumping business for £1
Pochin's has completed the sale of its concrete pumping business to Alcedo for £1.
The deal, which could rise to £1m eventually, also includes a loan of up to £1m to the company.
The decision to dispose of the loss making concrete pumping business was announced in May. It leaves Pochin's to focus on its other businesses, namely construction and commercial property investment and development.
The value of the gross assets of Pochin's concrete pumping business as at 31 May 2012 was £3.7m (net £1.2m).
It made a loss on ordinary activities before tax for the year ending 31 May 2012 was £1.4m.
Richard Fildes, Pochin's chairman, said: "I am pleased to be able to report the sale of the concrete pumping business. As outlined in recent announcements, this disposal will allow the Company to return to its original model of building and construction with commercial property investment and development. We wish the management team and the employees of the concrete pumping business all the best for the future".
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This article was published on 01/08/2012 (last updated on 01/08/2012).