MBL Group Sells Garden And Home Business Unit For GBP800,000

16th Mar 2018 16:48

LONDON (Alliance News) - MBL Group PLC said Friday that it has sold its garden and home business for GBP800,000 in cash, as part of the company's previously announced plans to divest trading business units.

The company has disposed of its entire shareholding in Redworth Ltd and its subsidiary, The Garden and Home Trading Co Ltd, to Invalesco Ltd.

Garden and Home sells garden bird and wildlife related products via mail order and online retail channels. In the year to March 31, 2017, it generated pretax profit of GBP247,000 and revenue of GBP6.4 million.

MBL Group said the sale would lead to a substantial reduction in trading operations. The Home Entertainment division and Windsong International Ltd continues to operate as before and the board intends to continue to pursue the sale process with a view to realising value for shareholders and returning capital in the short term, the company added.

Separately, MBL said that it is undertaking another review, due to a shareholder request, in relation to dilution of assets due to expenses incurred due to a previous probe regarding the same matter.

Shares in the home entertainment products distributor closed at 9.00 pence, up 9%.

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