Ananova
July 30, 2001
Anglo-Welsh Group PLC said it made an operating loss before exceptional items of £333,503 in the first half
to April 2001 as a result of ongoing asset disposals.
It said turnover totalled £168,579 which includes £109,382 from boat building activities prior to its
closure, £37,501 from the timeshare operation via Time Afloat Ltd, and £14,347 from the group's share
of holiday sale income from the hire of boats managed by Aquatravel Ltd.
"It remains the board's objective to dispose of the remaining assets and procure an attractive candidate to
reverse into the cash shell. A number of reverse candidates have been looked at but so far none have been considered
attractive enough," it noted.
It is in discussions to sell two of its remaining trip boats after disposing of Kyle Blue.
However, it repossessed the land and buildings it sold to Falcon Industries last year after the latter failed to
make payments under their August 2000 agreement.
The land and buildings are currently on the market and the group hopes that a sale will happen "reasonably
quickly."
The company added it is exploring a plan to set up a marina with apartment accommodation in a property it owns
in Great Haywood once it has sold its old business.
The project, should it push through, will be managed by Time Afloat.
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