26th Nov 2008 12:49
Wincanton Contract Update
Uniq, the European chilled foods group, confirms that the courts have now ruled on two preliminary issues in relation to its warehouse contract with Wincanton. These judgments may help to resolve the matter by way of the contract dispute mechanism, which if successful will avoid the need for a full trial. However there remains a significant gap between the parties and it is likely to take some time to finally resolve. Uniq's accounts include a full provision for the maximum liability arising from the claim, some of which may not now be required.
The build up to Christmas creates a seasonally higher level of working capital, net debt was £15m as of close of business on 25 November 2008 and year end net debt is expected to be close to zero. Uniq has £40m of committed bank facilities to March 2010.
As stated at the time of its interims, Uniq will next be updating the market on trading in mid-January 2009.
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For further information:
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Uniq plc
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+44 (0)1753 276011
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Geoff Eaton
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Chief Executive
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Martin Beer
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Finance Director
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The Hogarth Partnership
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+44 (0)20 7357 9477
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Julian Walker & James Longfield
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