15 December 2000
Pennon Group Plc announced today the disposal of construction services company, TJ Brent Limited, for total proceeds of £12.4 million, being cash consideration of £11 million, repayment of outstanding loans of £0.5million and the assumption of debt of £0.9 million. (The sale proceeds include those relating to the previously announced disposal of T J Brent Limited's Copa Division.) T J Brent (excluding the Copa Division) has been acquired by a management buy-out team led by its Finance Director, Tim Read and backed by Northern Venture Managers, GLE Development Capital and Barclays Bank.
T J Brent, based in Bodmin, Cornwall, was acquired by the Pennon Group in 1990. The disposal follows the Group's review of strategic options to maximise shareholder value announced in May this year. The buyer was chosen as a result of a formal auction process.
Colin Drummond, Chief Executive of Pennon Group's non-regulated businesses - which operate under the Viridor Limited banner - said today, "The disposal of T J Brent will enable Viridor to focus on the core areas of waste management and instrumentation. I would like to thank all T J Brent employees for their past contributions and wish them every success in the future".
For further information please contact Hilary Weatherley, Corporate Communications Manager on 01392 443035.