12 April, 2006 - 09:56 By Staff Reporter

Timber merchant sells subsidiaryTimber merchant sells subsidiary

Hertfordshire timber merchant James Latham plc has sold its subsidiary, Nevill Long Ltd, to Wolseley UK for a £10.32 million cash consideration.Hertfordshire timber merchant James Latham plc has sold its subsidiary, Nevill Long Ltd, to Wolseley UK for a £10.32 million cash consideration.

Latham does not regard Nevill Long – a suspended ceilings, dry lining and partition systems distribution business – as core to its timber businesses and will use the proceeds to strengthen and develop its timber operation.

The announcement of the sale prompted a 17p rise in Latham’s share price to 185.5p a share (up 10.09 per cent). Nevill’s net assets at 30 September 2005 were £3.5m with sales for the half year £12.8m.

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