Disposal
March 14 2005 - 11:59AM
PR Newswire (US)
Disposal 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 DATASOURCE: PARKWOOD HOLDINGS PLC
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