Vulcan Industries Plc Disposal of Orca Doors Limited

 
TIDMVULC 
 
18 July 2022 
 
                             Vulcan Industries plc 
 
                          ("Vulcan" or the "Company") 
 
                        Disposal of Orca Doors Limited 
 
Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed 
of the entire share capital of Orca Doors Limited ("Orca"). 
 
Disposal rationale 
 
Orca specialises in the design, manufacture, and installation of custom-built 
fire doors in the health, education and public infrastructure sectors. The 
sector suffered significantly, with complete shut down during the initial COVID 
lock down. Further lockdowns compounded the delays in rebuilding the order 
pipeline. Following a review of the budget for the year ending 31 March 2023 
the board have concluded that additional investment to increase capacity is 
required to enable the business to move into profitability. The demand outlook, 
whilst improving, remains uncertain, with the risk that the additional volumes 
required to justify the investment might not materialise for some time. 
Accordingly, the board have decided to dispose of the business to avoid 
continued cash outflows. 
 
In the interim accounts to 30 September 2021 Orca had net liabilities of £ 
751,000. Consideration from the disposal is £1 and its disposal will improve 
the Group balance sheet of Vulcan Industries plc. 
 
Ian Tordoff, Executive Chairman, "Together with many smaller suppliers to the 
construction industry, Orca struggled to sufficiently rebuild its order book 
following the period of restrictions during the pandemic. Whilst we have 
reviewed a series of options to support its endeavors, the additional capital 
and working capital investment required to reach profitability cannot justified 
given the continued uncertainty in the market." 
 
For further information, visit: https://vulcanplc.com 
 
The directors of Vulcan accept responsibility for this announcement. 
 
Contacts 
 
Vulcan Industries plc                             Via Vox Markets 
 
Ian Tordoff, Chairman 
 
First Sentinel Corporate Finance Ltd (AQSE        [phone] 
Corporate Adviser) 
 
Brian Stockbridge 
 
Jenny Liu 
 
Vox Markets (Media and Investor Relations)        [e-mail] 
 
Kat Perez                                         [phone] 
 
Paul Cornelius                                    + 44 7866 384 707 
 
About Vulcan 
 
Vulcan seeks to acquire profitable engineering, manufacturing, and industrial 
businesses to enhance value unlocking growth which is not being achieved as a 
standalone private company. For more information visit https:// 
www.voxmarkets.co.uk/listings/PLU/VULC 
 
Forward Looking Statements 
 
This news release may contain "forward-looking" statements and information 
relating to the Company. These statements are based on the beliefs of Company 
management, as well as assumptions made by and information currently available 
to Company management. The Company does not undertake to update forward-looking 
statements or forward-looking information, except as required by law. 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

July 18, 2022 02:46 ET (06:46 GMT)