PARKWOOD HOLDINGS PLC

("Parkwood" or "the Group")

                SALE OF 50% OF LEISUREPLAN INVESTMENTS LIMITED                 

The Group is pleased to announce that it has received confirmation that on 11th
March 2005, HPC Nominees Limited subscribed for 50% of the share capital in one
of the Group's wholly owned subsidiaries, Leisureplan Investments Limited
("Leisureplan") for a consideration of �110,000. Following the transaction,
Leisureplan will now be a Joint Venture between the Group and HPC Nominees.

Leisureplan is the beneficial owner of all of the equity share capital in
Penzance Leisure Limited (the "Company"). Penzance Leisure Limited was
established as a special purpose company to build and then operate a Leisure
Centre in Penzance Cornwall under a PFI arrangement. The Leisure Centre is
currently being built and is due to open in August 2005. The Company is
principally funded through bank debt and a commitment has been made by both HPC
Nominees Limited and the Group to subscribe for a total of �872,000 of loan
stock in Leisureplan in due course which will then be used to finance loan
stock in the Company. The gross assets subject to the transaction at 30 June
2004 were �3.44 million and those of the Group at the same date were �
15.03 million.

For further information please contact:

Parkwood Holdings plc

Charles Bithell, Finance Director 01772 627111

Notes for Editors;

Parkwood Holdings plc specialises in providing outsourced service to the public
sector across England and Wales under long term contracts. Its main areas of
operation are as follows:

  * Glendale - The management of parks and open spaces for a predominantly
    local authority client base. This operation is being expanded into related
    "green" businesses such as golf management and organic waste recycling,
    further enhancing our proposition: "Think Green - Think Glendale".
   
  * Parkwood Leisure - The management of a diverse range of leisure facilities,
    again predominantly for local authority clients. This Division is also the
    operator or provider of services under most of the Group's contracts won
    under the PFI/PPP procurement process.
   
  * Parkwood Healthcare - The provision of non emergency patient transport to
    NHS Trusts under the "National Ambulance Service" banner, together with the
    provision of nurses on an agency basis to both NHS Trusts and the private
    sector.
   
  * Parkwood PFI Projects - The provision of PFI, PPP and other similar bids on
    behalf of Joint Ventures and the Group, generating long term operating
    business. This division is also responsible for the project management of
    contracts on behalf of the Group's associates and JVs and management of
    other funds such as the lifecycle funds associated with the project
    agreements.
   


END
Parkwood Holdings (LSE:PKW)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Parkwood Holdings Charts.
Parkwood Holdings (LSE:PKW)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Parkwood Holdings Charts.