Sale of Yacht Fuel Services (1255J)

TIDMYCO

RNS Number : 1255J

YCO Group PLC

27 June 2011

YCO Group plc

(the "Group")

Disposal of the business and assets of Yacht Fuel Services

YCO Group plc, a leading provider of specialist services to superyachts, is pleased to announce that it has agreed to sell the business and assets of its Yacht Fuel Services division (YFS) to World Fuel Services Europe, Ltd. for a total consideration of GBP1.75 million to be satisfied in cash.

The disposal of YFS, which supplies fuel to yachts, forms part of the Group's stated strategy to focus on, and invest in, the development of its core services, namely superyacht brokerage and management. Net proceeds of the sale will be used for working capital purposes to further enhance the Group's offering in these service areas.

Commenting on the sale, YCO Chief Executive Charlie Birkett said:

"We are delighted to have reached agreement for the sale of the YFS business and assets. The sale represents a further important step forward in YCO's stated strategy of focusing on the core elements of our business, developing our established reputation for best in class service in these fields and expanding our operations globally."

For further information:

 
 YCO Group plc                      Tel: +377 93 50 12 12 
 Charlie Birkett, Chief Executive 
 
 
 Arbuthnot Securities Limited   Tel: + 44 (0)20 7012 2000 
 Tom Griffiths / Ed Groome 
 
 
 Media Enquiries - Hudson Sandler   Tel: + 44 (0)20 7796 4133 
 Charlie Jack / Nathan Field

Notes to Editors

YCO Group is a collection of specialist companies providing a diverse service offering to the superyacht industry.

The Group's principal activity is the management, sale, charter and project management of superyachts. Additional services include the search and placement of professional yacht crew and general yacht concierge services.

The Group has built a team of industry leading brokers enabling it to offer its services to its expanding client base.

In May 2008, YCO Group's shares were admitted to the AIM market of the London Stock Exchange through the reverse takeover of Deuxmil Marine PLC, making it the only UK listed yacht broker. The Company currently operates in Monaco, London, Antibes, Palma, Newport and the Gulf.

For further information, please see www.ycogroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISFFMMTMBMTTLB

YCO Group (LSE:YCO)
Historical Stock Chart
From Dec 2024 to Jan 2025