RNS Number : 0521C
Network Data Holdings PLC
26 August 2008
26 August 2008
NETWORK DATA HOLDINGS PLC
("Network Data" or "the Group")
Hipstar
The Board of Directors of Network Data Holdings has decided to draw a line under the losses incurred by its operating subsidiary Hipstar
Ltd.
Since August 1st last year, Hipstar has been a provider of Home Information Packs to estate agents and solicitors operating in the
residential property market in England & Wales. The market in 2007 saw a slow and staggered start to the HIPs legislation, while 2008 has
witnessed property sales being the lowest in 40 years, up to 50% down on the 2007 levels. There is no sign of any medium-term improvement in
the housing market and some industry commentators are predicting at least another 12 months of depressed property sales.
The Directors have concluded there is no realistic prospect of recovering the investment that has been put into Hipstar Ltd since its
incorporation in 2005, and accordingly the company has been placed into administration.
Hipstar losses have already been written off in the Group's accounts. Full details will be provided with H1 results to June 30th due to
be published on September 26th. There will be no further impact on Group accounts.
The other Group companies Network Data Ltd, the largest network of mortgage intermediaries in UK, and Network Surveyors Ltd, a panel
management service for property valuations, are not affected by the closure of Hipstar.
Enquiries:
Richard Griffiths
Chief Executive, Network Data Holdings
Tel: 01932 875 728
John Riddell
Noble & Company
Tel: 020 7763 2200
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEQLFLVVBBBBQ
|