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ALBERT FISHER GROUP DISPOSES OF DUTCH MUSHROOM PROCESSOR

 ALBERT FISHER GROUP DISPOSES OF DUTCH MUSHROOM PROCESSOR
 WINDSOR, Berkshire, U.K., March 17 /PRNewswire/ -- The Albert Fisher


Group PLC announced on Dec. 12, 1991, that it had decided to dispose of the business of Holco BV, its Dutch mushroom processor, and that negotiations were in active progress.
 Albert Fisher announced today that these negotiations have been concluded and the sale of Holco's business and assets to a subsidiary of Hillsdown Holdings plc was completed on March 16, 1992.
 The consideration was DFL 37.5 million (11.7 million pounds sterling) received in cash on completion for the fixed assets, stocks, debtors and brand name of Holco and for the German sales company, Holco Konserven Vertriebs GmbH. The creditors of Holco BV remain the responsibility of Albert Fisher. The consideration is subject to adjustment following the preparation of completion accounts, but is expected to give rise to a loss not exceeding 6 million pounds, the level indicated in the announcement on Dec. 12. This loss will be treated as an extraordinary item. Following the Urgent Issues Task Force's statement on accounting for goodwill issued on Dec. 19, 1991, goodwill of 11.7 million pounds already written off to reserves in relation to Holco will also be reflected as an extraordinary item, but this will have no effect on Albert Fisher's net asset value.
 -0- 3/17/92
 /CONTACT: Ian Quinlan of Albert Fisher, in the U.K., 0753-857111; David Brewerton of the Brunswick Group, in the U.K., 071-404-5959; or Debra Wasser of Dewe Rogerson, in New York, 212-688-6840, for Albert Fisher/ CO: The Albert Fisher Group PLC; Holco BV; Hillsdown Holdings plc ST: IN: FOD SU: TNM


GK-TS -- NY009 -- 8664 03/17/92 09:25 EST
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Publication:PR Newswire
Date:Mar 17, 1992
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