Buyers have been found for the Compton garage brand and the Alton and Robinsons greenhouse brands, which together lost 拢1m on sales of 拢14m last year, Marshalls has announced. It has not yet revealed the purchasers.
Marshalls anticipates a one-off charge of approximately 拢4m after writing off intangible assets, providing for the closure costs and net of the sale of the brands.聽 It is estimated that ultimately these transactions will generate positive net cash of approximately 拢2m.
The company has also made further progress with its site closure programme, which began in 2008 and created surplus sites. Last month a site on the south cost was sold for 拢5m, yielding a net gain of 拢2m.
The site closure programme has now released 拢18m of cash with 拢9m being released from inventory and a further 拢9m from the disposal of surplus properties.聽 This has been used to reinforce the group's balance sheet
Revenue from total operations for the six months ended 30 June 2011 was 拢183m (2010: 拢170 million).聽 Marshalls' continuing revenue for the six months ended 30 June 2011 increased by 9% to 拢177m (2010: 拢163m).
Sales to the public sector and commercial end market, which represent 60% per cent of sales, were up 10%. Sales to the domestic end market, on a continuing basis, were up 8%.
Got a story? Email news@theconstructionindex.co.uk
