Crawshaw Group PLC Sale of certain of the Group's business and assets (1390J)
2018年12月3日 - 4:00PM
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TIDMCRAW
RNS Number : 1390J
Crawshaw Group PLC
03 December 2018
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
Crawshaw Group plc
Sale of certain of the Group's business and assets
Cessation of the Group's trade
3 December 2018
Sale of Business
Crawshaw Group PLC ("Crawshaw" or the "Company" or, together
with its subsidiaries, the "Group"), announces that certain
business and assets of the Group have been sold to Loughanure
Limited ("Loughanure"), a company newly formed for the purpose of
the acquisition. The sale completed on 1 December 2018 and secures
continued employment for c.240 employees of the Group.
The sale follows a sale process run by the Joint Administrators
which resulted in over 50 expressions of interest in parts or all
of the Group's business. Loughanure have paid c.GBP1.4m for certain
business and assets of the Group, subject to adjustment following
completion of a stock count.
In accordance with the guidance notes to AIM Rule 15, and noting
that the disposal is a result of the Company's insolvency
proceedings, it was confirmed by the AIM Regulation on 14 November
2018 that shareholder consent to the disposal was not required in
this instance.
The sale has resulted in substantially all of the Group's
realisable assets being sold and the Group has ceased to trade. The
trade of the business will now be continued by Loughanure.
The Joint Administrators are continuing to market the sale of
certain closed stores and related assets as well as recovering
outstanding debtors.
The sale follows the appointment of Robert Hunter Kelly and
Charles Graham John King as Joint Administrators to Crawshaw Group
PLC, Crawshaw Butchers Limited, Gabbotts Farm Limited and East
Yorkshire Beef Limited on 2 November 2018 and Gabbotts Farm
(Retail) Limited on 7 November 2018.
The Joint Administrators consider that the offer from Loughanure
represents the best outcome for the creditors, employees and
shareholders of the Group. Following the sale, the Joint
Administrators will be assessing the dividend prospects for the
unsecured creditors of the Group and further details will be issued
to the creditors of each company and the shareholders of the Group
in due course.
Information on the Group's business
The Group operated 54 butchers' stores across the North of
England and the Midlands, with a distribution centre in Astley,
Greater Manchester and a distribution and production facility in
Hellaby, Rotherham. On 1 November and 2 November 2018, immediately
prior to the appointment of the Joint Administrators, the Directors
closed 35 stores and the Astley distribution centre.
The remaining 19 stores and the Hellaby production and
distribution facility have been sold to Loughanure. The Group's
only remaining assets are a long leasehold property in Grimsby,
short leasehold interests in closed stores, surplus store equipment
and a number of vehicles.
Information on Loughanure
Loughanure was incorporated on 22 November 2018 and is majority
owned by Mr Thomas Cribbin. Mr Cribbin is also involved with
Cribbin Family Butchers (Holdings) Limited which previously
operated a chain of butchers' stores in the Republic of Ireland and
sold Gabbotts Farm Limited to the Company in April 2015.
Temporary Suspension of Trading on AIM
The Company's securities remain suspended on AIM pursuant to the
announcement dated Wednesday 31 October 2018.
Further to the announcement made on 5 November 2018, should the
Company fail to appoint a replacement Nomad within one month of the
date of that announcement, trading in the Company's securities on
AIM will be cancelled. The Company is not seeking the appointment
of a replacement Nomad and thus it is expected that the Company's
listing on AIM will be cancelled.
Ends
Enquiries:
Crawshaw Group PLC, The Joint Administrators
or Ernst & Young LLP
Vicky Conybeer 020 7951 0868
Citigate Dewe Rogerson
Angharad Couch, Nick Hayns 020 7638 9571
This information is provided by RNS, the news service of the
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END
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December 03, 2018 02:00 ET (07:00 GMT)
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