James Latham Plc announces sale of Nevill Long for GBP 10.3 million

Apr 06, 2006. /Lesprom Network/. Timber importing and distribution giant James Latham plc has announced the sale of Nevill Long Limited, its suspended ceilings, dry lining and partition systems distribution business to Wolseley UK Limited. The cash consideration is GBP 10.3 million ($18.1 million) with an adjustment on agreement of the completion accounts. The net assets of Nevill Long at 30 September 2005 were GDP 3.5 million ($6.1 million) and sales for the half year totalled GBP 12.8 million ($22.5 million). Roger Latham, chairman of James Latham plc commented, "The reason for the sale is that Nevill Long is not core to the group's timber businesses and the proceeds will enable James Latham to continue its programme of extending its nationwide network of timber depots. This will bring stocks of value-added timber products closer to customers, enabling an even quicker and more personal service." Lathams Limited is a specialist importer and distributor of panel products, plywoods and of sawn and further-processed quality hardwoods and softwoods. Nevill Long Limited is a specialist distributor of suspended ceiling systems, partitioning and related products. ATP is the UK's leading custom-built panel distributor supplying a comprehensive range of pre-finished/overlaid panels.