14th Jan 2005 13:23
Cattles PLC14 January 2005 14 January 2005 Cattles plc ("Cattles") Cattles, one of the UK's leading consumer finance specialists today announcesthe sale of Cattles Commercial Finance Limited for a total cash consideration of£70 million Cattles, one of the UK's largest specialist consumer finance groups, announcestoday that it has sold the whole of the issued share capital of CattlesCommercial Finance Limited and its subsidiary Cattles Commercial Leasing Limitedto a subsidiary of Close Brothers Group plc. The sale results in a cash inflow at completion to Cattles of £70 million, whichwill be utilised in the further development of the Cattles group. Theconsideration of £16 million for the share capital of Cattles Commercial FinanceLimited includes up to £2.4 million which is ultimately dependent on the futureperformance of the business over the next two years. The Commercial Finance business provides asset backed leasing, hire purchase andblock discounting facilities to small and medium sized businesses and madeprofits of £4.2 million for the year ended 31 December 2003. Net assets atcompletion are estimated at £13.7 million. Commenting on the disposal of the Commercial Finance business, Sean Mahon theChief Executive of Cattles said: "We are pleased to announce the sale of our Commercial Finance business for £70million cash, which will be reinvested in the continuing development of Cattles'consumer finance operations. We look forward to announcing our preliminary results for the year ended 31December 2004 in March 2005. I am pleased to confirm that trading for 2004 wasin line with expectations and the consumer division's bad debt and arrearslevels have remained stable." Enquiries: Cattles plc Sean Mahon, Chief Executive 01924 444466James Corr, Finance DirectorMark Collins, Treasury & Risk Director Financial Dynamics 020 7831 3113Geoffrey Pelham-Lane This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Close Bros