Premier Farnell sells one of its businesses
A
Buck and Hickman product story
Edited by the Engineeringtalk editorial team
Mar 22, 2007
Premier Farnell has reached agreement to sell BuckHickman InOne, to The BSS Group for a total consideration of approximately GBP 27 million.
Premier Farnell has reached agreement to sell BuckHickman InOne, to The BSS Group for a total consideration of approximately GBP 27 million.
The consideration is payable in cash on completion.
It is Premier Farnell's intention to apply the proceeds against current debts.
The transaction is being implemented through an asset sale and is expected to close within four weeks, following a period of consultation with the employees of BuckHickman.
This transaction represents an important continuation of Premier Farnell's strategy to focus on the faster growing electronic design engineer market.
BuckHickman is a UK distributor of industrial tools and supplies.
For the financial year ending 28 January 2007, the business reported sales of GBP 99.8 million and operating losses before interest and tax of GBP 0.8 million.
As at 28 January 2007 BuckHickman had gross assets of GBP 35.4 million and net operating assets of GBP 18.2 million.
It is anticipated that a loss on disposal of BuckHickman of approximately GBP 14 million will arise after allowing for the write-off of goodwill that is allocated to the business.
Harriet Green, Premier Farnell's Group Chief Executive said: "Today's sale represents another key deliverable for us against our strategy for profitable growth announced last October".
"Our other European businesses continue to enjoy strong performance as we pursue our global strategy to deliver profitable growth through focusing on the fast growing electronic design engineering segment; extending our web offering to become a true multi-channel distributor and internationalising our business model into new markets".
"We wish BuckHickman and its employees well for the future".
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