Wed, 02 Apr 2014 | ADMINISTRATION
Coalfield Resources plc, the former parent of UK Coal Operations, has bounced back to profit after insolvency last year, Insolvency News has reported.
Accounts for Coalfield Resources show sales of £1.5 million for the year ending 28 December 2013, up from £8,000 in 2012. While its pre-tax profit was £3.3 million, a significant increase from a loss of £349,000 the previous year.
The company had divided its operations into a mining and property arm in 2012, through a demerger, leaving its mining operation – UK Coal – bank debt free.
After a fire at the Daw Mill colliery (one of the three deep mines it worked) in February 2013, UK Coal Operations sought a voluntary liquidation in May 2013, with the loss of 650 jobs. The business then successfully exited insolvency via a restructuring conducted by PwC.
Since then, Coalfield Resources has focused its efforts on Harworth Estates Property Group, the property business it owns with its former mining companies pension fund, in which it has a 24.9 per cent holding. It has also been working to help out at the mining business “with the events that followed the fire at Daw Mill in February”.
Coalfield Resources’ chairman, Jonson Cox, said: “As a result of the further restructuring of the mining business, we have relinquished our part in the governance of the mines.”
The move has enabled it to repay debts and move on to growing the value of its interest in the Harworth Estates Group.
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