22 Jan 2014 07:00
22 January 2014
Sweett Group plc ("Sweett Group" or the "Group")
Sweett realises investment in Scottish hub North Territory
Sweett Group (AIM: CSG), the international construction and property consultancy, is pleased to announce that it has transferred its interest in the Scottish hub North Territory project to a new joint venture company jointly owned by the Group and Equitix Hubco 3 Limited ("Equitix").
Under the terms of the transfer agreement, Equitix will provide substitute financing for the two existing hub North schemes and fund future schemes to the extent previously underwritten by the Group.
The cash amount paid to the Group in consideration for the transfer was approximately £900,000. The cash will be used to reduce Group debt.
This transaction completes the Group's exit from its direct investments in PFI/PPP projects. Retained investments are under £100,000 in aggregate and the Group has no future funding commitments attaching to this business activity.
Dean Webster, Chief Executive Officer of Sweett Group, said:
"The Group has now completed its strategic asset disposal programme of its investments in PFI/PPP projects. These investments have provided a robust return and enabled the Group to reduce its debt. While we have no future funding commitments, we will still remain an adviser in this specialist field"
For further information, please contact:
Sweett Group plc Dean Webster, Chief Executive Officer Patrick Sinclair, Chief Financial Officer Sophie Hull, Head, Corporate Communications
| +44 20 7061 9000 |
Westhouse Securities Limited Tom Griffiths Paul Gillam | +44 20 7601 6100 |
FTI Consulting | +44 20 7831 3113 |
Oliver Winters |
About Sweett Group
Sweett Group plc is a global business with expertise in property and infrastructure professional services. Our services include programme and project management, cost management, advisory and PPP related consultancy.
We aim to forge long term, successful relationships with all stakeholders in the property and infrastructure industry. "Global knowhow, local delivery" is the essence of our business and our reach enables us to put global best practice to use in the local markets we serve.
www.sweettgroup.com