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Leeds Group jumps 20% as it sells last trading business


Leeds Group jumps 20% as it sells last trading business By Proactive Investors

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Published Dec 15, 2023 12:15
Updated Dec 15, 2023 12:40

Leeds Group jumps 20% as it sells last trading business

Proactive Investors – Leeds Group (LON:LDSG) jumped 21% as it agreed to sell loss-making subsidiary, Hemmers-Itex Textil to a subsidiary of Dutch group Nooteboom £657,000 cash based on net assets.

Leeds will retain three properties currently owned by Hemmers which have an aggregate net book value of £5.2m

Hemmers has been loss-making for several years, said Leeds, with a deficit of £793,000 in the year to May 2023 on sales of £24.3m.

Leeds added Hemmers would be better served as part of a larger organisation reflecting the general consolidation that is taking place in the textile market and thereby offering economies of scale.

Once the sale is completed, Leeds will no longer have a trading business and become a cash shell under AIM rules.

Read more on Proactive Investors UK


Leeds Group jumps 20% as it sells last trading business

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