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Dawson International
- BY: Andrew Hore |
- POSTED: 19/11/2008 |
The potential disposal of its Todd & Duncan business perked up the shares of Dawson International.
They rose 0.375p to 1.25p each, which values the textiles business at £2.81m.
Dawson has signed heads of agreement with Ningxia Zhongyin Cashmere for the sale of Todd & Duncan, the cashmere spinner who buys a significant amount of its cashmere from its potential buyer.
Ningxia Zhongyin Cashmere says that it will retain the company’s Scottish base.
In 2007 Todd & Duncan manufactured 300 tonnes of cashmere yarn and it lost £722,000. Todd & Duncan improved its interim profit from £63,000 to £662,000 in the first half of 2008.
Dawson had net debt was £9.7m in the June 2008 balance sheet. That was before the sale of the Dorma trademark to Dunelm for £5m. Much of that cash will go on restructuring Dorma.
The sale of Todd & Duncan would help to further reduce the borrowings.
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