Premier Farnell has reached an agreement to sell BuckHickman InOne to The BSS Group for a total consideration of approximately £27 million (on a cash and debt free basis). The consideration is payable in cash on completion. It is Premier Farnell’s intention to apply the proceeds against current indebtedness. The transaction is being implemented through an asset sale and is expected to close within 4 weeks. BuckHickman is a UK distributor of industrial tools and supplies, distributing brand name products as well as those from its own well established brand “Roebuck”. For the financial year ending 28 January 2007, the Business reported sales of £99.8 million and operating losses before interest and tax of £0.8 million. As at 28 January 2007 BuckHickman had gross assets of £35.4 million and net operating assets of £18.2 million. It is anticipated that a loss on disposal of BuckHickman of approximately £14 million will arise after allowing for the write-off of goodwill that is allocated to the Business.