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Halfords NL Sold for 1 euro

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MAASTRICHT, The Netherlands – Macintosh Retail Group has sold Halfords NL for 1 euro last June. This is stated today in the listed company’s interim financial report.

Halfords NL Sold for 1 euro
Halfords Netherlands BV has suffered an operating loss of € 4 million. This loss comes at the expense of Macintosh. In addition, Macintosh Retail Group remains financially strong involved in Halfords. - Photo Halfords

The retail chain specialized in bicycle and car P&A with 137 stores in the Netherlands and Belgium is since June 30 owned by Halfords Holding BV. Macintosh has sold all its Halfords shares at € 1.00 to the holding in which the management of Halfords Netherlands BV (CEO Peter Jan Stormmesand) participates for 95%. Macintosh Retail Group holds an interest of 5% in Halfords Holding.

Operating loss

The Macintosh interim report also states that Halfords Netherlands BV has suffered an operating loss of € 4 million in the first half of 2013. This loss comes at the expense of Macintosh. In addition, Macintosh Retail Group remains financially strong involved in Halfords NL.

Loans and overdraft facility

Macintosh has issued loans to Halfords Netherlands for an amount of € 9.5 million, of which € 1.5 million is subordinated. Also an overdraft facility is provided up to € 2.0 million. The loans will fall due December 31, 2018. The current account overdraft facility will taper off to € 1.0 million on June 30, 2014 and will end on June 30, 2015. Interest will be due on all loans and overdrafts drawn at a rate of Euribor plus 3%.

Securities

To guarantee these loans, Halfords Netherlands and Halfords Holding have provided securities, particularly in the form of pledges on assets. Furthermore, Macintosh stipulated an earn-out scheme under which Macintosh has a right to 60% of the surplus value of the shares in Halfords Holding and/or Halfords Nederland in case they are sold in future.

Source: Macintosh Retail Group

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