17th Jul 2009 15:01
Avingtrans plc (the "Group")
Settlement of claim
Avingtrans plc is pleased to announce that settlement has been reached in respect of the Group's claim against the vendors of B&D Patterns Ltd ("B&D") relating to the purchase of B&D by Avingtrans plc on 21 September 2006 as highlighted in the 2008 Chairman's Statement.
Under the settlement, the vendors of B&D have agreed to pay Avingtrans £1.25 million inclusive of costs.
Commenting on the settlement, Steve McQuillan, Chief Executive of Avingtrans, said:
"I am very pleased that an amicable agreement has been reached with the vendors of B&D which I believe represents a fair resolution of our claim".
Enquiries:
Steve McQuillan, CEO
0115 949 9020
Related Shares:
Avingtrans