Appointment of Administrators (2423V)
January 09 2012 - 11:19AM
UK Regulatory
TIDMBSLA
RNS Number : 2423V
Blacks Leisure Group PLC
09 January 2012
Blacks Leisure Group plc
("Blacks Leisure" or the "Company" or, together with its
subsidiaries, the "Group")
Appointment of administrators and sale of the business
Following receipt of final offers for the business and assets of
the Group and the suspension of the Company's ordinary shares on 5
January 2012, the Company confirms the appointment today of Brian
Green, Richard Fleming and David Costley-Wood, partners of KPMG
LLP, as administrators to the Company and The Outdoor Group Limited
and of Brian Green and David Costley-Wood as administrators of
certain of its subsidiaries. The Company also announces completion
today of the sale by the administrators of substantially all of the
trade, assets and brands of the Group to a wholly owned subsidiary
of JD Sports Fashion plc for a total cash consideration of
GBP20m.
The net proceeds of the sale will be used to repay the Company's
outstanding debt to its lender, Bank of Scotland plc. As previously
announced, there will therefore be no value attributable to the
Company's ordinary shares.
Application has been made for all the Company's ordinary shares
to be removed from the Official List and from trading on the London
Stock Exchange's main market for listed securities, which is
expected to take place with effect from 10 January 2012.
Enquiries:
Blacks Leisure Tel: 01604 597 222
Peter Williams
KPMG LLP Tel: 020 7694 8773
Sorrelle Cooper
Citigate Dewe Rogerson Tel: 020 7638 9571
Simon Rigby
Kevin Smith
Singer Capital Markets Tel: 020 3205 7500
Ltd
Claes Spang
A copy of this document will be published on the Company's
website at www.blacksleisure.co.uk as soon as possible.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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