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22 Jun 2018 | 07:18

Augean sells Colt assets to Future Industrial

Waste management group Augean said Friday it had completed the sale of Colt assets to Future Industrial for £1m in cash.

Under the terms of the agreement, all staff that were working for Colt Industrial Services at the Hull site would be transferred, and Augean's hull site would be retained but leased to Future Industrial on a ten-year lease for £0.1m a year.

This sale proceeds would be used to pay down existing debt facilities. 'The potential income statement impact of closure was announced to be approximately £1.6m with net cash receipt expected of £1.3m for the sale of the property and assets,' Augean said.

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