Northern Bear Plc Notice of Legal Claim (8626W)
December 29 2021 - 2:00AM
UK Regulatory
TIDMNTBR
RNS Number : 8626W
Northern Bear Plc
29 December 2021
29 December 2021
Northern Bear plc
("Northern Bear" or the "Company")
Notice of legal claim
The board of directors of Northern Bear plc (the "Board") is
disappointed to announce that one of the Company's subsidiaries,
Springs Roofing Limited ("Springs"), has received notice of formal
court proceedings regarding a claim by Engie Regeneration (FHM)
Limited ("Engie") in the sum of GBP1.9 million.
The potential claim was disclosed as a contingent liability in
the Company's annual report and accounts for the year ended 31
March 2021 as follows:
"One of the Group's subsidiary companies, Springs Roofing
Limited, received correspondence during the year regarding a
potential claim of up to GBP2 million on a roofing contract. The
work was undertaken over a two year period from April 2009 to March
2011. The Directors of Springs Roofing have reviewed the
correspondence and believe that any claim would be entirely without
merit. This position of the Directors is supported by third party
technical expert and legal advice taken which suggests that the
customer would have great difficulty in making a successful claim.
All correspondence to date has taken the form of pre action
protocol and, should any formal proceedings be issued, Springs
Roofing will vigorously defend the claim. Accordingly, no provision
has been made in the Group's accounts for this matter."
Correspondence with Engie has continued during 2021 in the form
of pre action protocol but Engie has not, prior to the issue of
proceedings, provided any information that would change Springs'
position.
The Directors of Springs intend to defend the claim vigorously
and are in the process of reviewing the claim documents alongside
their legal advisers. Further updates will be issued as
appropriate.
For further information, please contact:
Northern Bear PLC
Jeff Baryshnik - Non-Executive Chairman
Tom Hayes - Finance Director +44 (0) 166 182 0369
Strand Hanson Limited (Nominated Adviser and Broker)
James Harris
James Bellman +44 (0) 20 7409 3494
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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END
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