Property marketed for sale

Aukett Swanke Group PLC
05 October 2023
 

 

5 October 2023

 

Aukett Swanke Group Plc

("Aukett Swanke", the "Company", or, together with its subsidiaries, the "Group")

Property marketed for sale

 

Aukett Swanke (AIM: AUK), the group providing Smart Buildings, Architectural and Design Services, notifies that it has instructed Dutch & Dutch commercial property agents on the freehold sale of The Old Torpedo Factory (the "Property") in west London.

The Property was acquired as part of the acquisition by the Company of Torpedo Factory Group Limited ("TFG") in March 2023. Much of the space was previously occupied by TFG's non-core Live Events division. Under the terms of the April 2023 disposal of that division, the purchaser continued to operate from the Property until the end of August. Having now vacated, the Property is larger than needed for the remaining interests of the Group and TFG intends to take a leasehold interest in a more suitable property in the area.

The Property was valued at £3.02m in the Group's unaudited interim accounts as at 31 March 2023, and Dutch and Dutch have advised the property should be marketed at this level. TFG has borrowings of approximately £1.41m secured on the Property by way of a mortgage which is currently due for repayment in February 2024.

A sale at the marketed valuation would allow the repayment of the associated mortgage and provide funds for further expansion without undue dilution for shareholders.

 

Contacts

Aukett Swanke Group Plc                                                                                            +44 (0) 20 7843 3000 

Clive Carver, Chairman                                                                            

Nick Clark, Chief Executive                                                                                            

Strand Hanson Limited, Financial and Nominated Adviser                           +44 (0) 20 7409 3494

Richard Johnson, James Bellman                                                                              

Zeus Capital Limited, Broker                                                                                      +44 (0) 20 3829 5000

Simon Johnson, Louisa Waddell

Investor/Media                                                                                                                                + 44 (0) 7979 604 687

Chris Steele

 

About Aukett Swanke Group plc

Aukett Swanke Group has a strong foundation in architectural services and is on a transformative journey to become a London-listed provider of Smart Buildings and related services. ASG are uniquely positioned to ensure the technical systems that run modern premises are designed as an integral part of the structure, from the outset.

For more information go to https://www.aukettswankeplc.com  

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100

Latest directors dealings