Friday, January 30, 2009

News: Hargreaves acquires Coal4Energy from UK Coal


Hargreaves Services, the operator of Maltby Colliery has announced that they have acquired the remaining 50% holding in Coal4Energy Ltd from UK Coal for a total consideration of £9 million, making Coal4Energy a wholly-owned subsidiary of the Group. A 50:50 Joint Venture between Hargreaves and UK Coal, Coal4Energy has grown rapidly to become the largest supplier of coal to the UK domestic and industrial markets. Under the terms of the acquisition, UK Coal has granted Coal4Energy the right to market all of its domestic and industrial coal production, currently in excess of 250,000 tonnes per year, under an exclusive 5 year contract. In addition, Coal4Energy will continue to market coal supplied by Hargreaves. Commenting on the acquisition Gordon Banham, Chief Executive, Hargreaves Services plc, said: "Coal4Energy has been very successful since its formation in 2006. I would like to thank our partner, UK Coal, for its contribution to building the business so rapidly. Under sole ownership, I believe that Hargreaves will have significant opportunities to drive additional synergies and improve profitability through integrating Coal4Energy and Maxibrite more closely with Hargreaves' production and mineral trading operations, both in the UK and mainland Europe." Maltby currently employs around 500 people and supplies coal to the Drax Power Station near Selby.


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