Hays sells chemicals operations

LONDON (AFX) – Hays PLC said it has sold its non-core chemical operations,
comprising Hays Chemicals Ltd and its units, to a management buy-in vehicle,
Albion Chemicals Ltd, for 107 mln stg.
The management buy-in team was led by Peter Savage as chairman.
Hays said the sale will allow management to focus on its commercial,
personnel and logistics core businesses.
Some 60 mln stg of the sale price has been paid in cash at completion the
balance being an interest bearing loan. The loan will carry a coupon of 9 pct
for the first three years rising to 15 pct by year five, it said.
Hays added the proceeds of the sale have been used to reduce group
borrowings and that it has retained a 49 pct stake in the purchase vehicle