Ennstone sell former natural stone works
ENNSTONE plc say they have recently exchanged contracts for the sale of their former natural stone works and redundant quarry at Stainton, in Co. Durham.
The property is being sold to a group of local businessmen for a cash consideration, payable on completion, of £1.3 million.
At the time of writing, it was anticipated that the transaction would be completed on Wednesday 14 January 2009.
On 31 December 2008, the assets subject to the transaction had a net book value of £2.2 million and for the financial year ended 31 December 2008 generated no revenue or profitability.
The proceeds of the transaction will be retained by Ennstone to meet short-term working capital requirements while the Group continues to seek a refinancing deal or an offer for the company.
Although these negotiations are ongoing, Ennstone say their financing situation remains critical and there is still no certainty of a satisfactory outcome.
