13th Dec 2005 12:11
Tandem Group PLC13 December 2005 Tandem Group plc Closure of facilities in Devon Tandem Group plc, the sports and leisure equipment manufacturer and distributor,is issuing an update on its Pot Black snooker, pool and outdoor leisurebusiness. In our interim statement issued on 24 August 2005 we reported that the decisionhad been made to merge the Pot Black operations within the Group's MV Sports &Leisure business and that the assembly operations in Devon would significantlyreduce or cease. The sales and administrative functions were combined at thebeginning of August resulting in cost savings. The Pot Black assembly operations will cease in January 2006. At the same timethe Pot Black distribution facility in Devon will be closed and moved to theWest Midlands alongside the Group's MV Sports & Leisure, Dawes Cycles and BenSayers businesses. As a result additional costs and provisions will be incurredtaking the total exceptional restructuring costs of Pot Black to around £1.2million for the year. It is expected that the Group's turnover for the year to 31 January 2006 will beapproximately £42 million with an operating loss around £150k, beforeexceptional items and goodwill amortisation. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tandem Group