News blog
Jourdan
- BY: Andrew Hore |
- POSTED: 14/05/2008 |
Jourdan has found a buyer for Suncrest Surrounds.
The medical packaging and trouser press manufacturer was planning to close its fire surrounds business but a gas fire manufacturer has stepped in to buy the business. CJ Group, which owns the Magiglo gas fire maker, is paying £70,000 followed by £30,000 over the next six months. There could be a further £100,000 receivable based on the excess of the business’s debtors over creditors.
CJ will take on the workforce and the lease on the factory, which runs until March 2009. The remainder of the factory lease would have cost £183,000. Production of the Corby trouser press will be transferred although CJ will still provide some services.
Jourdan will have to write down its assets by £1.2m and the Suncrest business will lose around £400,000 in the year to June 2008. The closure of the business would have meant a significant provision.
Jourdan can concentrate on its core medical packaging business. Jourdan reported a profit of £1.23m, before amortisation and investment gains, in the year to June 2007. That was after an undisclosed loss by Suncrest.
The shares were unchanged at 208.5p, valuing Jourdan at £7.09m.
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