Wilmington sells none core assets to Progressive

ProgressiveWilmington Group plc is pleased to announce the successful completion of the sale of its non-core businesses in its Design, Construction, Power, Catering, Automotive and Specialist markets. The purchaser, Progressive Media Publications Ltd, has acquired the entire issued share capital of Wilmington Media Limited and Dewberry Redpoint Limited, for a total cash consideration of £12 million on a debt-free, cash-free basis, subject to certain net asset adjustments at completion,thereby reducing Wilmington’s borrowings.

In the year to 30th June 2006, the businesses had combined revenues of £19.8m and operating profit before amortisation of intangible assets of £1.2m. At 30th June 2006, the businesses had gross assets of £7.9m.

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