Property Acquisition and Disposal of Business

RNS Number : 1040J

Caffyns PLC

02 August 2012

 



PROPERTY ACQUISITION

Caffyns plc ("the Company") announces that it has exchanged contracts with Wilmington Homes Limited for the conditional purchase of a vacant freehold site at Northbrook College, Worthing, for £600,000 payable in cash on completion. Completion of the contract is conditional upon a satisfactory planning permission being granted to develop a new Volkswagen dealership, as well as certain other works being completed to satisfy planning obligations. This new facility will replace the current dealership in Goring-by-Sea, Sussex.

DISPOSAL OF BUSINESS

The Company has also exchanged contracts for the sale of its Volvo dealership in Hove, Sussex with Dinnages Garages Limited ("Dinnages"). This leasehold site also operates as a Ford retail dealer. The gross assets sold to Dinnages, comprising fixed assets and stocks, realised £417,000 payable in cash immediately. 

The proceeds will be applied in reducing the Company's borrowings and for reinvestment in the Company's business.

2 August 2012

Enquiries:

Simon Caffyn

Chief Executive

Mark Harrison

Finance Director

Telephone:  [phone]

 

END

 

 

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