British business support group Hargreaves Services Plc has bought the remaining 50 percent stake in Coal4Energy Ltd from UK Coal Plc for £9 million, the companies said on Wednesday.
Coal4Energy will now be a wholly-owned subsidiary of the group and will relocate to Hargreaves' Yorkshire regional office in Glasshoughton, Castleford. The company is the largest supplier of coal to the UK domestic and industrial markets and Hargreaves said that the purchase will have a significant impact on its second-half profit.
UK Coal said the net profit from the disposal of its half of the Coal4Energy joint venture is estimated to be about £7.0 million and the proceeds will be used to reduce borrowings and fund investment.
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