16th Oct 2015 13:57
LONDON (Alliance News) - Ensor Holdings PLC Friday said its agreement to sell its subsidiary, Ensor Building Products Ltd, to its management is now legally binding.
Ensor has agreed to sell the Lancashire-based subsidiary, which distributes roofing, drainage and speciality building products, to a company controlled by Philip Brooke, the current managing director of the subsidiary.
The deal was originally announced in May when the company launched a strategic review, including the potential sale of the entire company. Ensor was looking to sell Ensor Building Products separately, and at the time, Ensor said the deal would allow the company to increase its focus on physical security products with strong cash flow from its packaging business.
The formal sales process for Ensor continues and the company plans to make further announcements as things progress.
The deal to sell Ensor Building Products is now legally binding following the end of an "extensive sales process". Ensor will be paid just over GBP1.4 million, of which GBP1.2 million will be paid immediately with the other GBP200,000 being paid before the end of April 2016.
Ensor shares were down 0.3% to 98.20 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.