Keller Group plc (“Keller” or “the Group”), the international ground engineering specialist, announces significant progress in the withdrawal from Makers, its UK refurbishment business.
Social Housing Division
Makers has agreed terms for the sale of its Social Housing Division to Mears Group PLC, the AIM-listed social housing repair and maintenance provider. The sale of the ongoing business and assets will complete on 28 September 2007.
Allied Division
The Allied Division, comprising Makers’ small mechanical and electrical business, was sold to management on 7 September 2007.
The sale of both businesses is for a nominal consideration.
Justin Atkinson, Keller Chief Executive, commented:
“Last month, in our interim results statement, we announced our intention to withdraw from this non-core business, to enable greater focus on the Group’s strongly performing specialist ground engineering businesses.
“We have made good progress in the meantime, with the disposal of two divisions which together accounted for some 75% of Makers’ 2006 sales.
“Discussions continue around the future of the remaining Car Parks and Infrastructure Divisions and we expect to be able to provide a further update before the end of the year.”
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