Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Vulcan Industries PLC - London-based engineering services firm - Sells tacks and nails manufacturer IVI Metallics Ltd to an unnamed purchaser. The consideration for the disposal is a nominal £1. Explains that IVI was significantly hurt by Covid and was shut down during the first lockdown. ‘Further local lockdowns compounded the delays in rebuilding the order pipeline, and the balance sheet was eroded by the consequent losses,’ Vulcan notes. Says additional volume is needed to enable the business to move back to profitability.
Chair Ian Tordoff says: ‘IVI struggled to sufficiently rebuild its order book following the period of restrictions during the pandemic. The disposal will assure the future for the business and its employees, reduce the group's exposure to continued cash outflows, and it will enable the company to secure repayments to Ablrate.’
Says IVI had net liabilities of £458,000 in its interim accounts to September 30 last year. ‘The ultimate purchaser is acquiring the business and assets out of administration for £350,000 before costs which will go towards repaying some the company's loans from [lending platform] Ablrate’, it adds.
Current stock price: last traded at 0.78 pence on August 23
12-month change: down from 1.89 pence on September 2, 2021
Copyright 2022 Alliance News Limited. All Rights Reserved.