Vulcan Industries Plc Disposal of M&G Olympic Products Limited

 
TIDMVULC 
 
30 March 2022 
 
                             Vulcan Industries plc 
 
                          ("Vulcan" or the "Company") 
 
                   Disposal of M&G Olympic Products Limited 
 
Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed 
of the entire share capital of M&G Olympic Products Ltd ("MGO") to OJT11 LTD. 
 
Disposal rationale 
 
MGO specialises in the design, manufacture, and installation of custom-built 
architectural metalwork. Since its acquisition in 2019, MGO has sought to 
evolve its quality fabrication activities in turnkey project delivery within 
larger construction projects. Whilst MGO has contributed to award winning 
projects, following the initial COVID lockdowns the business faltered in 
picking up from schemes that had enforced interruptions, incurring losses on a 
number of its larger projects. With the recent acquisition of Aftech Limited 
("Aftech"), the Company is seeking to focus its activities on the design and 
fabrication of bespoke product and to withdraw from providing complete 
solutions to the construction sector. 
 
In the interim accounts to 30 September 2021 MGO had net liabilities of £ 
825,000. 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 
major construction companies, MGO struggled to balance the cash flow 
fluctuations across multiple large projects which placed strain on both its 
processes and its workforce.  The disposal will enable Aftech to focus on 
building our bespoke fabrication business." 
 
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 
 
Gabrielle Cordeiro 
 
Vox Markets (Media and Investor Relations)        [e-mail] 
 
Kat Perez                                         [phone] 
 
Paul Cornelius                                    + 44 7866 384 707 
 
About Vulcan 
 
Vulcan seeks to acquire and consolidate traditional but historically profitable 
engineering, manufacturing, and industrial SMEs for value and to enhance this 
value in part through group synergies, but primarily by 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

March 30, 2022 02:00 ET (06:00 GMT)