22nd Jun 2005 07:00
C.I. Traders Limited22 June 2005 22 June 2005 CI TRADERS LIMITED CI Traders Limited announces that its Blubeckers UK restaurant business was soldafter business hours on 21 June 2005 to The Restaurant Group Plc for a totalcash consideration of £27.05m comprising £22.75m for the share capital and £4.3mrepayment of net intra Group balances, with the acquirer assuming netliabilities of approximately £1.0m. The price is subject to minor adjustmentregarding other net liabilities, but not property assets, following thefinalisation of completion accounts. The sale will result in a gain on disposalof approximately £5.5m after expenses. The gain will not be subject to any taxcharge. The Blubeckers business, which operates a chain of 17 family orientatedrestaurants in the South East of England, trades under the names Blubeckers andEdwinns and in the year ended 29th January 2005 achieved sales of £15.6 millionand made a profit before tax of £1.4 million. The proceeds of the sale will be used in the short term to reduce bankborrowings. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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