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Appleyard-Smiths Delivery merger

2nd January 1970, Page 27
2nd January 1970
Page 27
Page 27, 2nd January 1970 — Appleyard-Smiths Delivery merger
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Which of the following most accurately describes the problem?

• The Board of the Appleyard Group of Companies Ltd. announces a merger between its subsidiary, Appleyard Coachbuilders Ltd. and Smiths Delivery Vehicles Ltd. which is the coachbuilding subsidiary of Ringtons Ltd., of Newcastle.

For the nine months ending September 30, 1969, Appleyard Coachbuilders incurred a loss of approximately £30,000 but it is said that substantial overhead economies and standardization of production can be achieved following the merger.

The shares in the greatly enlarged

company, Smiths-Appleyard Ltd., will be held 60 per cent by Ringtons and 40 per cent by Appleyard. The head office will be at Smiths 100,000 sq. ft. coachbuilding works on the Team Valley Trading Estate, Gateshead, which is adjacent to the existing Appleyard coachworks on the trading estate.

The total Appleyard investment will be approximately £65,000. It is estimated that Smiths-Appleyard will have a turnover in its first year in excess of £75,000, which could make it one of the bigger coachbuilding companies in the UK. The principal products will be Smiths delivery and ice cream vehicles, and the range of Appleyard ambulances and welfare coaches.

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