News: Changes at Harworth Estates as UK Coal completes restructure
UK Coal has completed the restructuring of the business that has created two separate businesses comprising the mining division and property division.
Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance."
The company is now called Coalfield Resources plc.
Based on the Advanced Manufacturing Park in Rotherham, Harworth Estates has now become Harworth Estates Property Group Limited.
The deal includes UK Coal owning 24.9 per cent of Harworth Estates, with 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection and their support to the mining division.
Following the deal, Owen Michaelson has stepped down as a director of UK Coal to become the chief executive of Harworth Estates with immediate effect.
Jeremy Hague, currently finance director at Harworth Estates, will become the finance director of the UK Coal in an executive capacity.
Jonson Cox will remain chairman of UK Coal and will also chair Harworth Estates and shareholder meetings of the mining business.
Jonson Cox, chairman of Coalfield Resources, said: "This has been a restructuring of unprecedented scale and complexity for this size of company, dealing with a legacy structure that was inherited on the privatisation of British Coal in 1994.
"I'm delighted that we've succeeded in completing it. Without it, it was almost certain that the coal mines would have been unable to trade beyond the first quarter of 2013."
Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land. One key regeneration project is the £100m Waverley community development in Rotherham.
The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.
Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks.
Jonson Cox, added: "We now look forward to achieving the medium and long term realisation of value from the portfolio, for the benefit of shareholders and the pension funds.
"I look forward to working further with Owen Michaelson and building on our work over the last two years."
Harworth Estates website
Images: harworthestates.co.uk
Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance."
The company is now called Coalfield Resources plc.
Based on the Advanced Manufacturing Park in Rotherham, Harworth Estates has now become Harworth Estates Property Group Limited.
The deal includes UK Coal owning 24.9 per cent of Harworth Estates, with 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection and their support to the mining division.
Following the deal, Owen Michaelson has stepped down as a director of UK Coal to become the chief executive of Harworth Estates with immediate effect.
Jeremy Hague, currently finance director at Harworth Estates, will become the finance director of the UK Coal in an executive capacity.
Jonson Cox will remain chairman of UK Coal and will also chair Harworth Estates and shareholder meetings of the mining business.
Jonson Cox, chairman of Coalfield Resources, said: "This has been a restructuring of unprecedented scale and complexity for this size of company, dealing with a legacy structure that was inherited on the privatisation of British Coal in 1994.
"I'm delighted that we've succeeded in completing it. Without it, it was almost certain that the coal mines would have been unable to trade beyond the first quarter of 2013."
Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land. One key regeneration project is the £100m Waverley community development in Rotherham.
The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.
Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks.
Jonson Cox, added: "We now look forward to achieving the medium and long term realisation of value from the portfolio, for the benefit of shareholders and the pension funds.
"I look forward to working further with Owen Michaelson and building on our work over the last two years."
Harworth Estates website
Images: harworthestates.co.uk
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