Bioquell PLC – Disposal of UK Airflow Business

Bioquell PLC (“Bioquell”) (LSE symbol: BQE) – a leading provider of bio-decontamination products and services for the Life Sciences, Pharmaceutical and Healthcare markets today announces the completion of the disposal of its UK AirFlow service and parts business (“Airflow”).

As previously announced on 2 August 2017, Bioquell sold its Airflow service business to Crowthorne Hi Tec Services Ltd (“CHTS”).  The consideration for this part of the business was £169,000 payable in cash on completion and a further £70,000 payable on 2 January 2018, which has now been received. 

CHTS at that time acquired an option to acquire the related spare parts and filter manufacturing equipment business on or about 1 January 2018 for a cash consideration of the aggregate of £100,000 and the agreed value for the stock of this business, which it has chosen to exercise.  The aggregate consideration for the spare parts and filter manufacturing equipment business, paid on completion, was £122,000.  The spare parts and filter manufacturing business had revenue of around £0.24m and generated profits before interest and taxation of approximately £0.1m in the year ended 31 December 2017.

Bioquell is expected to recognise an exceptional gain on the disposal of Airflow of approximately £0.25m in its accounts for the year ended 31st December 2017.

Commenting on the strategic disposal, Ian Johnson, Executive Chairman of Bioquell PLC, said:

“I am pleased to have been able to conclude these disposals so we can focus our resources on serving our core bio-decontamination customers.”

 

Enquiries:

Ian Johnson          Executive Chairman                           Bioquell PLC          01264 835900

Michael Roller        Finance Director

 

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