Hargreaves Services plc (HSP)

 

Hargreaves Services notes sale of Hatfield Colliery

Hargreaves Services has noted the sale of the business and assets of Hatfield Colliery Limited to Hatfield Colliery Partnership Limited, a company ultimately owned and controlled by an employee benefit trust. This transaction sees the ultimate equity ownership of the mine transfer from ING Bank to a trust run for the benefit of the employees. Hargreaves has assisted in the restructure by, among other things, entering into a new contract with HCPL on substantially the same terms as the existing off-take contract, which had approximately one year left to run. Hargreaves has also entered into a further off-take contract that extends into the second half of 2015.