Sale of Belvedere

Thursday, 14th April 2005

Norish is pleased to announce the disposal of its Belvedere facility to Mrs Panna Mashru for a total consideration, net of costs, of £2.8m payable in cash. Belvedere is involved in storage handling and other related services for commodities cocoa and coffee. Norish's exit from Belvedere follows the loss of the cocoa bean cleaning operation which hit the facility badly in the latter part of 2004 as well as the loss of it's major coffee customer's business in early 2005. Belvedere contributed profits of £0.4m before central costs for the full year to 31 December 2004. The net book value attributable to the property and plant is £1.9m. The proceeds from the disposal of Belvedere will eliminate the Company's borrowings. Commenting on the disposal, Ted O'Neill, Executive Chairman, said: "The sale of Belvedere reflects the implementation of the Company's strategy to exit from its commodity activities in raw material storage of coffee and cocoa. The sale of the business will enable Norish to focus its efforts on its other facilities which continue to perform in line with expectations."Return to announcement listings