United Carriers Grp. - Disposal of Subsidiary
17 August 1998 - 11:52AM
UK Regulatory
RNS No 7353e
UNITED CARRIERS GROUP PLC
17th August 1998
UNITED CARRIERS GROUP PLC
SALE OF MANSPED LIMITED
United Carriers Group PLC ("United Carriers") announces today that it has sold
its subsidiary Mansped Limited ("Mansped") to AutoLogic Holdings plc
("AutoLogic") for a total cash consideration of #2.3 million (including #0.5
million which is to be paid following and subject to the preparation of
completion accounts). The sale proceeds will be used for the general working
capital requirements of United Carriers.
Mansped is a European logistics provider to the automotive industry and its
primary business is the movement of automotive parts between manufacturing
plants in Belgium, Germany and the UK. In addition, Mansped operates a
facility in Hartlepool, Teesside, dealing with the storage and preparation of
imported Vauxhall cars. For the year ended 31 December 1997 Mansped had net
assets of #0.5 million and returned a loss of #0.1 million. AutoLogic
specialises in European vehicle distribution.
The sale of Mansped is in line with United Carriers' strategy of focusing on
its key UK and European market sectors.
Enquiries: Doug Rogers, Chairman
United Carriers Group PLC
Tel: 0836 512724
Bill Alexander, Group Finance Director
United Carriers Group PLC
Tel: 01933 440400
END
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