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Brough brothers create company to acquire JBM

March 12, 2010 - 16:51 GMT Location: London

KEYWORDS: secondary aluminium LM24 , JBM International , Miles Brough , Ashley Brough , Gary Davies , JBMI Group

Miles and Ashley Brough have created a new holding company, JBMI Group, to acquire secondary aluminium producer JBM International ltd and waste management company Plasmet in a deal that restructures the company’s dept facility.

The news comes 18 months after the brothers sold a stake in JBM international and Plasmet to Barclays Ventures, the private equity of Barclays bank, for £10 million ($15 million). It is unclear if Barclays Venture will still have a stake in the two companies following the deal. “The shares of JBM International Ltd and Plasmet (UK) Ltd have been acquired by a new holding company, JBMI Group Ltd, the main shareholders of which are Miles Brough, Ashley Brough and Gary Davies, following the new equity investment,” JBMI Group ceo Miles Brough told MB on Thursday. The directors of JBM International agreed a deal to restructure the current debt facility of the group following the difficult operating conditions experienced by the sector since September 2008. “Following the extremely tough trading conditions experienced by the whole...

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