Sinclair (William) SNCL Planning Permission at Chat Moss

  Sinclair (William) (SNCL) - Planning Permission at Chat Moss

RNS Number : 8123Q
Sinclair (William) Holdings PLC
09 November 2012
 



9 November 2012

 

                        William Sinclair Holdings PLC

                                       

                    ('William Sinclair' or 'the Company')

 

                       Planning Permission at Chat Moss

  

William Sinclair,  one  of  the  UK's  leading  suppliers  of  growing  media, 
announces that  it has  just been  informed that  its appeal  to overturn  the 
failed planning  permission application  to  harvest peat  at Chat  Moss  near 
Salford has been turned down by the Secretary of State for the Environment.

 

Although the Secretary of State agreed with the inspector that "the [Planning]
Framework does not preclude planning permission for continued peat  extraction 
on sites that have already been worked  for peat" (such as Chat Moss) he  also 
agreed that "the release  of peat resources in  Chat Moss would frustrate  the 
move from peat to non peat media and discourage the development and take up of
peat substitutes."  William Sinclair leads the  UK market in non peat  growing 
media and  recently  announced  a  200% increase  in  production  capacity  of 
SuperFyba, a material developed by the  Company and the best peat  alternative 
available.

 

The loss of the  appeal will result  in an impairment  review of the  carrying 
value  of  the  property  and  an  exceptional  charge  in  the  group  income 
statement.  This will be a non cash item.

 

Bernard Burns the CEO said "I  am disappointed at the Minister's decision  and 
view Government policy on peat  as incoherent.  Nevertheless William  Sinclair 
is in an ideal position to take advantage of the move toward non peat  growing 
media."

 

William Sinclair is reviewing its options  with regards to the future of  Chat 
Moss.

 

For further information:

 

www.william-sinclair.co.uk

 

William Sinclair Holdings Plc Tel: 01522 537561
Bernard Burns, Chief Executive
Peter Williams, Finance Director

 

WH Ireland Limited
Andrew Kitchingman Tel : 0113 394 6619
Nick Field         Tel : 0207 220 1658

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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MSCBLBFTMBMMBLT -0- Nov/09/2012 16:14 GMT