13th Dec 2006 15:39
Aquilo PLC13 December 2006 AQUILO PLC ("Aquilo" or the "Company") DISPOSAL OF THE BUSINESS OF AQUILO MOTOR SERVICES LTD Further to the announcement dated 27 November 2006, Aquilo plc today announcesthat it has agreed to sell the business of Aquilo Motor Services Ltd (the "MotorServices") to Nationwide Accident Repair Services plc, the provider ofautomotive crash repair and accident management services to the UK automotive,fleet and insurance industries, for £1.275m, comprising £750,000 in cash and£750,000 of net assets, adjusted for creditors and a rent free period. Aquilo Motor Services Ltd is a subsidiary of the Company that provides motorclaims management services. The sale of its claims management business willenable Aquilo to focus on the ongoing, non-motor claims handling, operations. In the year ended 31 December 2005, Motor Services recorded a turnover of£15.1m, a loss of £699,000 and had net assets of (£1,331,000). The saleproceeds will be used to improve the working capital position and invest in ourbuilding repair operation. Clive Nicholls, Chief Executive of Aquilo Plc commented "We are very pleased tohave concluded the sale to a company such as Nationwide. Having exited the motorbusiness the Company is now free to focus on the profitable property claimshandling and supply chain business, Aquilo Business Solutions, and the new andgrowing building repair operation, Aquilo Inspection & Reinstatement Services. " Further enquiries: Clive Nicholls, Chief Executive Officer, Aquilo plc 020 3008 5514 Crispin Burdett, Company Secretary, Aquilo plc 020 3008 5515 John Riddell, Noble & Company Limited 0207 763 2200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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