REAL Real Office

TIDMREAL

RNS Number : 7365G

Real Office Group PLC

17 May 2011

REAL OFFICE GROUP PLC

Appointment of Administrator to Pacific Interiors Limited

After exhaustively considering all possible alternatives and taking appropriate advice, the Board of Real Office Group Plc (the "Company") has appointed Malcolm Fillmore of Atherton Bailey LLP as administrator to its principal trading subsidiary, Pacific Interiors Limited ("Pacific"). Despite making cuts in personnel and overheads, in a highly competitive market Pacific failed to win sufficient new work at margins required to stem losses and sustain its activities.

As a consequence of this decision the investment in Pacific included in the audited accounts to 31 July 2010 at GBP10.123m has been impaired. Accordingly this amount, net of the inter-company debts due to Pacific of GBP 2.66m will be written off in the accounts to 31 July 2011, giving rise to a net write off of GBP7.47m.

The Board is in negotiations with the majority shareholder of its only remaining investment, a minority stake in Pacific Interiors India Limited, with the view to disposing of its interest in that company. Following the disposal of this investment, Real Office Group Plc will no longer have any trading activities. At that time, a further announcement will be made and a circular sent to shareholders setting out the Board's proposals for the Company.

Enquiries

Real Office Group plc

Roger Smee

Chairman

Tel: 020 7822 1175

Nominated Adviser

Cairn Financial Advisers LLP

Tony Rawlinson

Tel: 020 7148 7900

This information is provided by RNS

The company news service from the London Stock Exchange

END

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