Property Disposal

RNS Number : 0033P

Caffyns PLC

18 October 2012

 



Caffyns plc

PROPERTY DISPOSAL UPDATE

On 27 May 2011 Caffyns plc ("the Company") announced that it had exchanged contracts with McCarthy & Stone Retirement Lifestyles Limited ("McCarthy & Stone") for the sale of its freehold site at Alton, Hampshire conditional upon McCarthy & Stone obtaining a planning permission for change of use. A planning permission has now been granted and other conditions contained in the contract have been satisfied. The contract has now become unconditional. Completion on the sale will be on 7 December 2012 and the proceeds of £1.807m will be received in cash. The gain on the disposal of the site after the costs of sale is approximately £1.15m, such gain accruing in the second half of the Company's financial year. The site closed for trading in September 2012 and the costs of closure, amounting to approximately £200,000, will be charged in the first half of the Company's financial year.  

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

18 October 2012

Enquiries:

Simon Caffyn

Chief Executive

Mark Harrison

Finance Director

Telephone:  [phone]

 

END

 

 

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