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 END MSCBLBFTMBMMBLT -0- Nov/09/2012 16:14 GMT
Sinclair (William) SNCL Planning Permission at Chat Moss
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