Press Releases

Disposal of Ipswich Surplus Property

10th October 2005

Manganese Bronze Holdings PLC, the leading manufacturer of the distinctive London black taxi, is pleased to announce that it has reached agreement for the sale of its surplus property in Ipswich for £4.25 million in cash to Allied Property & Leisure Ltd. Completion is expected to occur in early 2006. The property has a net book value of £2.9 million and generated lease income of £0.2 million for the year ended 31 July 2005. The profit on sale will be approximately £1.25m after costs and the proceeds of the disposal will be used for general corporate activities.

Manganese Bronze will announce its preliminary results for the year ended 31 July, 2005 on Tuesday 11 October, 2005.

Commenting on the disposal, Ian Pickering, Chief Executive, said:-

"This sale completes the disposal of the remaining assets of the loss-making Components Division, which was sold in July 2003, and of the Group’s surplus properties. It follows the receipt of the proceeds of £0.8 million in August from the sale of our surplus property in Birmingham.

We can now focus all our energies on our core UK taxi operations and on our strategy of controlled overseas expansion"

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