24th Apr 2008 09:34
Ross Group PLC24 April 2008 ROSS GROUP PLC 24 April 2008 APPOINTMENT OF ADMINISTRATOR OF GEL ENGINEERING LIMITED Ross Group plc (the "Company") announces that its wholly-owned tradingsubsidiary GEL Engineering Limited ("GEL") was placed into administrationyesterday. The administrators are Matthew Wild and Geoff Carton-Kelly of Baker Tilly(telephone number 0044 (0) 1483 307000). GEL operates the Company's engineering division. As at 31 December 2006, GEL hadgross assets of £464,357. GEL reported gross losses for the year ended 31December 2006 of £888,683. The Company intends to continue the operation of its consumer electronicsdivision through its wholly-owned subsidiary Sansui Electronics (UK) Limited andthe Directors are currently reviewing further business opportunities for theGroup. The Company's ultimate controlling party, The Grande Holdings Limited("Grande"), has agreed in principle to support the Company's ongoing businessand to provide the Company with financial assistance as required. Negotiationsare in progress to formalise this arrangement. A further announcement in relation to the above matters will be made in duecourse. For more information please contact: Ross Group plc Michael Simon - Director 0044 (0) 207 258 0011 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Ross Grp.