Meyer in pounds 56m timber sale

MEYER INTERNATIONAL yesterday announced the sale of its Pont Meyer Import and Merchant divisions, which distribute timber and building materials to William Pont, part of HAL Investments for pounds 56m in cash.

Meyer retains its Dutch tiles, kitchens and bathroom business, which has been transferred to its specialist products division. The businesses sold made an operating profit of pounds 4m in the year to the end of March 1998 but the disposal will trigger an exceptional loss of pounds 13m. The shares shed 11.5p to 335p.