LONDON, UK: Vulcan Industries plc (AQSE: VULC) has disposed of the entire share capital of M&G Olympic Products Ltd (MGO) to OJT11 LTD.
M&G Olympic Products Ltd (MGO) specialises inside the design, manufacture, and set up of custom-built architectural metalwork.
Since its acquisition in 2019, MGO has sought to evolve its high quality fabrication actions in turnkey project supply inside bigger construction projects. Whilst MGO has contributed to award winning projects, following the preliminary COVID lockdowns the enterprise faltered in picking up from schemes that had enforced interruptions, incurring losses on a variety of its bigger projects.
With the recent acquisition of Aftech Limited, Vulcan Industries is seeking to focus its actions on the design and fabrication of bespoke product and to withdraw from offering full options to the development sector.
In the interim accounts to 30 September 2021 MGO had net liabilities of £825,000. Consideration from the disposal is £1 and its disposal will enhance the Group balance sheet of Vulcan Industries plc.
Ian Tordoff, Executive Chairman, “Together with many smaller suppliers to the main construction companies, MGO struggled to balance the money flow fluctuations throughout a quantity of large projects which positioned pressure on each its processes and its workforce. The disposal will allow Aftech to focus on constructing our bespoke fabrication business.”
www.vulcanplc.com