Vulcan Industries Plc Disposal of Time Rainham Limited

 
TIDMVULC 
 
15 November 2022 
 
                             Vulcan Industries plc 
 
                          ("Vulcan" or the "Company") 
 
                       Disposal of Time Rainham Limited 
 
Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed 
of the entire share capital of Time Rainham Limited ("Time Rainham"). 
 
Disposal rationale 
 
Time Rainham has been manufacturing components for First Tier commercial OEM's 
for over 70 years. It manufactures a vast range of components including 
selector forks, levers, valve housings, manifolds and blocks as well as complex 
gearbox transmission cases. Following a review of the future production 
schedules and the working capital requirements of Time Rainham, the board have 
concluded that additional investment to increase capacity is required to enable 
the business to return to profitability. The demand outlook 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 2022 Time Rainham had net liabilities 
of £1,039,000. 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 OEMs, 
Time Rainham has struggled to rebalance and build its order book in response to 
pressures from OEMs to source product overseas. 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

November 15, 2022 04:42 ET (09:42 GMT)