2nd May 2008 07:00
Hargreaves Services PLC02 May 2008 For Immediate Release 2 May 2008 HARGREAVES SERVICES PLC (the "Group" or "Hargreaves") Acquisition of Majority Share in Maxibrite Limited by Coal4Energy Joint Venture for £4.7 million Hargreaves Services PLC (AIM: HSP), a leading supplier of support services tothe energy, mineral and waste sectors, today announces that Coal4Energy Limitedhas acquired a majority share in Maxibrite Limited ("Maxibrite"). Maxibrite is based in South Wales and is a leading manufacturer of solid fueland produces 60,000 tonnes of quality smokeless fuel briquettes for the domesticmarkets in the UK, Eire and France. Coal4Energy Limited is a joint venture owned equally by UK Coal plc andHargreaves which, since formation, has grown rapidly to become the largestsupplier of coal to the UK domestic and industrial markets. Based on unaudited management accounts, in the 12 months ended 31 March 2008Maxibrite generated a net profit of approximately £0.75 million on revenue of£7.5 million. Net assets at that date were approximately £2.5 million. Themajority share acquired was 85.2% with the balance being retained by ashareholder of the former family owned company. The consideration of £4.7million was paid in cash by Coal4Energy. Gordon Banham, Hargreaves' Chief Executive Officer, said, "Maxibrite is a greatacquisition for Coal4Energy that will strengthen its market position and buildon the excellent progress that has been made since the joint-venture was formedless than two years ago. Maxibrite will add new customers and products toCoal4Energy's portfolio and Coal4Energy will extend Maxibrite's customer baseand geographic reach." Enquiries: Hargreaves Services 0191 373 4485Gordon Banham, CEOIain Cockburn, Finance Director Buchanan Communications 0207 466 5000Tim Anderson, Diane Stewart, Catherine Breen Brewin Dolphin Investment Banking 0113 241 0187Andrew Kitchingman END About Maxibrite Limited Maxibrite Limited is located in Llantrisant, near Cardiff, South Wales, and isthe leading independent solid fuel manufacturer in the UK. Maxibrite Limited produces quality smokeless coal briquettes for both open firesand closed appliance applications, and serves the domestic fuel market in the UKas well as exporting to Eire, France, Belgium and Norway This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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