McAlpine to sell off slate firm

Construction firm Alfred McAlpine is to sell off its slate business, which employs more than 300 in Gwynedd.

Earlier this year, there was a major shake-up of its slate quarry management after accounting irregularities costing up to £30m were discovered there.

The company said it hoped the quarries at Penrhyn and Ffestiniog would make a profit in 2008.

The sale of the slate business is part of a restructuring which will see the firm split into two separate companies.

A company report said the slate business had "received a high level of unsolicited interest in the past few months and the sale process will commence shortly".

Group chief executive Ian Grice said the restructure would create "two focused listed companies both with attractive growth prospects".

"Longer term, we are confident that this strategy for the group will enable both companies to flourish and grow and is in the best interests of shareholders, customers and employees," he said.

In April, the company accused senior managers at its Gwynedd quarrying business of committing "extensive and systematic" fraud.

'Underlying motivation'

The firm's former managing director at Penrhyn was dismissed, and its operations director disciplined.

Five other senior managers would have also faced disciplinary proceedings if they had not left the company.

Alfred McAlpine uncovered the suspected fraud in February and appointed forensic accountants Ashurst and Deloitte to investigate.

An investigation concluded that "personal gain was not the underlying motivation for the fraud."

In its six monthly report, the company said its recovery plan for its slate business was "on track".

Reducing the workforce to 312 had cost the company £915,000 and gone ahead as planned.

It said after the period of "deeply discounted orders" by the previous management, slate was now being sold on commercial terms, with price increases introduced in May.

"Demand for roofing tiles remains strong," it said.

The report also said sales of aggregates were 30% ahead of 2006 figure and the business, concentrated at Penrhyn and Ffestiniog, was expected to break even later in the year, and return to profit in 2008.

Overall, the company's underlying pretax profit in the last six months rose 27% to £12.7m, while revenues increased 11% to £615.3m.

Will anyone lend me some money to buy it please?

Will anyone lend me some money to buy it please?

Perhaps if we have a whipround at the big bash, we might be able to scrape together enuff to put in a reasonable bid!!

Will anyone lend me some money to buy it please?

are on the verge of breaking even. Perserverance would see it a profitable venture.

A while back McAlpines (I believe) abandonned their plan to untop Rhosydd on the basis that they could continue at Oakeley / Ffestiniong Quarry. I wonder if Rhosydd is therefore included in the sale.

Do you have any idea how close they were to fulfilling the back orders and starting to show a return Manicminer?

Will anyone lend me some money to buy it please?

Wouldn't mind buying Maen Offeren myself (not that I have got any money, but a nice dream).

Will anyone lend me some money to buy it please?

Wouldn't mind buying Maen Offeren myself (not that I have got any money, but a nice dream).

Get in The Que then!!!