Ross Group PLC24 April 2008
2008-04-24 09:34:31
Ross Group PLC - Administration of Subsidiary
RNS Number:0217T
Ross Group PLC
24 April 2008
ROSS GROUP PLC
24 April 2008
APPOINTMENT OF ADMINISTRATOR OF GEL ENGINEERING LIMITED
Ross Group plc (the "Company") announces that its wholly-owned trading
subsidiary GEL Engineering Limited ("GEL") was placed into administration
yesterday.
The administrators are Matthew Wild and Geoff Carton-Kelly of Baker Tilly
(telephone number 0044 (0) 1483 307000).
GEL operates the Company's engineering division. As at 31 December 2006, GEL had
gross assets of 464,357. GEL reported gross losses for the year ended 31
December 2006 of 888,683.
The Company intends to continue the operation of its consumer electronics
division through its wholly-owned subsidiary Sansui Electronics (UK) Limited and
the Directors are currently reviewing further business opportunities for the
Group.
The Company's ultimate controlling party, The Grande Holdings Limited
("Grande"), has agreed in principle to support the Company's ongoing business
and to provide the Company with financial assistance as required. Negotiations
are in progress to formalise this arrangement.
A further announcement in relation to the above matters will be made in due
course.
For more information please contact:
Ross Group plc
Michael Simon - Director 0044 (0) 207 258 0011
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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