Sheffield’s Coalfields Resources acquires Harworth Estates for £150 million
Sheffield-based Coalfield Resources has agreed with the Pension Protection Fund (“PPF”) to acquire the 75.1% of Rotherham’s Harworth Estates Property Group Ltd that it does not already own for £150 million.
The firm will pay £97 million of this in cash.
Harworth Estates is one of the largest property and regeneration businesses across the East Midlands, Yorkshire and the North of England, owning and/or managing a diversified portfolio of approximately 27,000 acres across some 200 sites, valued at approximately £298.5 million with net assets of approximately £248.6 million
Jonson Cox, chairman of Coalfield Resources said: “Coalfield Resources is delighted to announce this transaction with the Pension Protection Fund.
“It re-establishes under single ownership the property business of Harworth Estates and we welcome the PPF as a 25% investor. It will complete the transformation of the company to a specialist brownfield property developer.
“We will be in a strong position to take full advantage of our proven skills in the property and regeneration markets and to deliver value.
“I would like to thank our existing and new shareholders for their support in achieving an important milestone for the business.”
This was posted in Bdaily's Members' News section by Clare Burnett .
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