Disposal

    RNS Number : 9484Y
  Sheffield United PLC
  14 July 2008
   
    Embargoed for release at 0700hrs
    14th July 2008


    Sheffield United PLC ("Sheffield United" or "Company")

    Sale of "Thames Club"


    Sheffield United the diverifised football company, annouces that today it has sold for cash consideration the property and business that
together trade as "the Thames Club" to a company funded by the Downing Protected VCTs. Located in a residential suburb close to the centre
of Staines, Middlesex, the Thames Club is a health and fitness club with associated facilities. Sheffield United acquired the business in
March 2006, the assets sold were valued in the books of the Group at £3.8 million and the sale has generated a gross profit of £0.7 million.
 

    The Thames Club made a profit of £0.07 million after interest in the year to 30th June 2007.  

    The proceeds from the sale will be used primarily to repay existing banking facilities and the remaining funds will be used to
supplement  the Group's working capital and invest in the first team budget.  

    Jason Rockett, Chief Executive of Sheffield United commented as follows:

    "The sale of the Thames Club forms part of the Company's strategy to refocus its leisure operations around the South Yorkshire area.
With the opening of the Copthorne Sheffield Hotel taking place in autumn 2008, which includes a new health club, and the recent opening of
our Junior Community Development Centre at Crookes, it makes sense to realise a significant profit from the sale of the Thames Club allowing
the Company to focus its capital and management resource on the new challenges. This sale will allow us to repay a signficant amount of debt
and will underpin investment in the first team squad. The new owners, are also well placed to continue the development of the Thames Club as
part of their portfolio of premier health clubs." 

    Enquiries: 

    Sheffield United PLC 
    Jason Rockett                         [phone]
    Simon Capper

    KBC Peel Hunt (Nominated adviser and broker)
    David Davies                        [phone]

    Tavistock Communications
    Jeremy Carey                        [phone] 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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