Signing of new lease to consolidate premises

RNS Number : 2068A

finnCap Group PLC

17 January 2020

 

17 January 2020

finnCap Group plc
("finnCap", the "Company" or "the Group")

finnCap Group signs new lease to consolidate premises

The Board is pleased to announce that finnCap has signed a lease on new premises in 1 Bartholomew Close to commence on 2 April 2020. This will allow the Group to combine its existing offices and provide the Group with room to expand as it delivers on its strategy of building a financial services business for growth companies. The Board believes that operating from one location will make it easier to capitalise on the additional revenue opportunities that are available to the Group as a result of delivering multiple services.

The Group will incur an exceptional charge to the profit and loss account during the year ended 31 March 2021 as a result of the overlap of the leases on its existing sites which expire on 2 September 2020 but cashflow will benefit from a rent free period until November 2021.  It is intended that the fit out of the new office will be lease financed over a period of 5 years so that there is no significant impact on the Group's existing cash balances.

Commenting on the lease signing, Sam Smith, CEO, said:

"We are delighted to have found a property that allows us to operate under one roof, provides room for future expansion and will help us generate additional revenue synergies from the acquisition of Cavendish Corporate Finance in December 2018."

For information, please contact:

finnCap Group plc                                                                   Tel: [phone]

Sam Smith, Chief Executive Officer                                         [e-mail]

Tom Hayward, Chief Financial Officer

Grant Thornton (Nominated Adviser)                                   Tel: [phone]

Philip Secrett/Samantha Harrison/Seamus Fricker

 

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