UK Coal moves closer to becoming Harworth Estates

The transformation of UK Coal into logistics property developer Harworth Estates has moved a step closer.

Coalfield Resources, formerly known as UK Coal, has acquired the 75.1% of the company owned by the Pension Protection Fund on behalf of coalfield pensions.

The £150m deal is funded by selling around one-third of the shares in the new company to the pension fund.

The move is another step in the complicated corporate choreography that will lead to the transformation of the coal mining business into a logistics developer.

Harworth is expected to become a company listed on the London Stock Exchange.

The move follows a December 2012 restructuring and separation of Harworth from the mining businesses of UK Coal.