Jarvis plc; disposal of its interests in Telford & Wrekin Services Limited and Laybond Group Limited

TWS was set up in April 2001 by FOCSA and Prismo Limited (a wholly owned subsidiary of Jarvis) to provide environmental services to the Telford & Wrekin Council under an 18 year contract.

Total consideration for the shares is £75,000 in cash, paid on completion. In addition FOCSA has repaid £1.15million of debt owed to Prismo by TWS.

TWS had net assets at 31 December 2003 of £(0.1) million and incurred a profit before taxation of £0.1 million for the year ended 31 December 2003.

The sale proceeds will be applied towards general Jarvis group purposes. As a consequence of the sale Jarvis will cease to have any responsibility for the operational costs of TWS.

Jarvis has also disposed of its 8% shareholding in Laybond Group Limited, which makes flooring products for the building industry.

ends

For further information:
Paul Ravenscroft, Jarvis Group Media Relations Manager, tel 020 7017 8127

Back to top