TENON WORK WITH PORTSMOUTH COMPANY, SINCLAIR REFRIGERATED VEHICLES, ON SHARES BUY-OUT

Mike Pratt, Managing Director of Portsmouth based Sinclair Refrigerated Vehicles Limited, has something to celebrate as he now owns 100% of the shares in the company.

Sinclair, who have their base at the Portsmouth Continental Ferry Port, are exclusive UK distributors of Europes leading manufacturer of refrigerated vehicles, Chereau. Sinclair has an annual turnover of more than 12m and saw a large growth in sales during 2001. Mike Pratt aims to consolidate that growth and expand the companys reach in the UK market.

Assisting Mike with the deal has been Tenon Due Diligence specialist, Stephen Ip, who reviewed Sinclairs financial position and projections, and Tenon Director, David Lewis, who helped Mike through the process of buying out his fellow shareholder.

Tenon Director, David Lewis, says I have worked with Mike Pratt for several years and I believe the buy-out of the shares has given him a fantastic opportunity to reach the goals that he feels the company can achieve in the future. Mike has brought together an experienced and enthusiastic team over the past three years and I look forward to seeing the company grow through their continued efforts."

Mike Pratt of Sinclair Refrigerated Vehicles, says When the opportunity arose to buy the remaining shares in the company I discussed the matter with David Lewis. Tenon have been most useful in providing an integrated approach that has helped me to complete the transaction. I now look forward
to taking the company onto the next level."

ENDS   

June 2002

For further information please contact:

Joy Cradick or Gee Grewal at Tenon on 023 8064 6464