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 £10.32m with an adjustment on agreement of the Completion Accounts. The net assets of Nevill Long at 30^th September 2005 were £3.5m and sales for the half year totalled £12.8m.
 
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.”
 
 
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For further information contact:
Tim Roberts, Connectpoint PR,
0161 817 420007831 151007