Settlement of MEP's net asset value claim

09 September 2008

Galiform plc ("Galiform") announces that it has today agreed to pay MEP Mayflower Limited ("MEP") £8 million in full and final settlement of MEP's net asset value claim against Howden Joinery Group Plc, payable on 12 September 2008.  MEP's original claim was for £57m.

The settlement is in line with Galiform's previous guidance on the likely amount that would be payable under the claim and is within the provision made by the Group in respect of the claim.

Note 16(a) of Galiform's 2008 Half Yearly Report gave details of MEP's net asset value claim, as well as other contingent liabilities arising from the sale of the MFI retail business (including guarantee arrangements under certain leases of properties which are occupied by the MFI retail operations).  These other contingent liabilities are unaffected by today's settlement.

Galiform's Chief Executive, Matthew Ingle, said:

"We are pleased to have settled this dispute for £8 million, a small fraction of the original £57 million claim.  Not only does this demonstrate the strength of our case, it avoids a long, expensive and distracting process, provides closure on this issue and is well within the provision we made."



Investors/analysts: Media:
Gary Rawlinson Brunswick Susan Gilchrist
Head of Investor Relations Anna Jones
+44 (0)207 535 1127
+44 (0)7989 397527
+44 (0)207 404 5959


HOWDENS Making space more valuable

Business Model and Strategy

Find out more about our business model and strategy, the markets in which we operate and our strategic approach to protect our unique business model and ensure that the business continues to grow.


As a familiar sight across towns and cities in the UK and Europe, our depots are always within easy reach, so a trade professional never has far to travel to find their nearest Howdens. Get to know more about how each one operates.


Our sustainable behaviour is at the heart of our business and enables us to reduce some of our risks. We take great pride in ensuring that our business positively impacts the world around us and the people within it.


We are passionate about supporting the local communities we operate in, which is why our depots and support staff actively seek ways to give something back. Whether it is running half marathons or sponsoring local Scout groups, discover the many ways we help good causes.


With around 80 kitchen ranges, our exclusive Lamona appliance brand, and thousands of products across joinery and hardware, learn why our builders have come to trust the range and quality of the products we offer.

People and Careers

The Sunday Times named Howdens as one of the top 25 big companies to work for. Discover why Howdens is a great place to work, how we develop our people and reward them, whilst building a culture with an entrepreneurial spirit.

Financial Results

Download copies of the latest financial results for Howdens both past and present including the associated presentations and Interim Management Statements released between results announcements.


Howdens is a responsible business which was founded on the tenet that the Company should be worthwhile for all concerned, with a commitment to the people within its reach and the wider world. Here we provide the links to the framework that informs our decisions and outcomes.