Hargreaves completes acquisition
HARGREAVES Services has completed the acquisition of certain assets from the liquidators of Scottish Coal.
The £8.4m acquisition, which expands the South Yorkshire mining group’s portfolio of surface mining assets, is being funded from the proceeds of the fundraising announced in April.
Gordon Banham, chief executive of Hargreaves, said: “This transaction represents a further significant step in our strategy to acquire key surface mining assets which, we believe, will enhance shareholder value.
“The portfolio of property interests being acquired provides a strong platform to continue our investment in the Scottish coal industry which, responsibly managed, will benefit local communities with continuing employment and enable our continued support of the SMRT in addressing the legacy of unfulfilled restoration obligations.”
In May, Hargreaves was named by the liquidators of Scottish Coal as the preferred bidder for certain assets of Scottish Coal and its related companies. Following liquidation all coal extraction operations ceased.
