Alumasc dispenses of drinks firm
Management at Alumasc Dispense, the drinks dispensing firm, have bought the company from parent company Alumasc Group for £900,0000. Alumasc Group, the building and engineering supplier based in Kettering, said it decided to sell to management because Alumasc Dispense was “no longer a core activity.”
As from today, Alumasc Dispense has been renamed ADS2 Brands
Alumasc said its Dispense business had been operating in difficult market conditions for the last two years. However, the business has remained cash flow positive, it said, and was expected to recover to generate a small profit in Alumasc's financial year to 30 June 2011.
Alumasc says it has agreed with its pension trustees to contribute half of the net proceeds of the sale to the company's pension schemes, both of which are now closed to future accrual.
Paul Hooper, chief executive, said: "The divestment of Alumasc Dispense and the sale of surplus land announced two weeks ago have together generated a total of £2.1m in cash from non-core assets, and this is consistent with the group's increased strategic focus on its sustainable building product and precision engineering activities."
