ALFRED BELL TAKE -OVER CONFIRMED
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WESTERN MOTOR HOLDINGS VY LTD. announces that its subsidiary, Drake Carriers Ltd. (in which the John Brown Group has a 49 per cent interest) is to acquire the whole of the issued capital of Alfred Bell Ltd., a private company incomorated in 1930 (see " The Commercial Motor" last week).
Consideration for the acquisition is £135,000, payable in cash, and the release of the vendors from certain financial guarantees. The cash consideration will be provided by Western Motor Holdings and the John Brown Grout) in proportion to their existing holdings in Drake Carriers. At February 29 last year the consolidated net asset value of the Alfred Bell group amounted to £110,426. The consolidated profits of the company and its subsidiaries for the year ended February 29, 1964, before tax, but after adjustment for the emoluments of those directors who will be retiring from office, was about £14,000.