Purchase of Freehold Property

RNS Number : 0947T

Dewhurst PLC

22 September 2010

 



Dewhurst PLC

(the "Company" or "Dewhurst")

Purchase of Freehold Property

Dewhurst Plc is pleased to announce that it has exchanged contracts with Electricity Supply Nominees Ltd for the conditional purchase of the freehold property known as Units 9,10 and 11 Hampton Farm Industrial Estate, Hampton Road West, Hanworth, Middlesex TW3 6DB (the "New Property").  The purchase is conditional on the refurbishment of the building and planning approvals.

The Company has been on its current site since 1921.  The premises have been added to and changed over the years, but are now dated, inefficient to operate and have restricted vehicular access.  The Directors believe it is time to relocate the business locally to a more appropriate site and into a more modern industrial building.

The New Property, of some 45,000 square feet, is being purchased for £3.7 million. The purchase of the New Property will be financed from the Company's existing cash balances.  Further costs, currently estimated at £1.5 million, will be incurred once the purchase has been completed to modify and fit out the building to the Company's specific requirements.

The Company is in the process of applying for planning permission for the redevelopment of its current site.  When the move to the New Property is completed, the Directors anticipate, subject to prevailing property market conditions, placing the current site for sale.

For further details please contact:

Dewhurst Plc	Tel: [phone]
Jared Sinclair
Seymour Pierce Ltd	Tel: [phone]
Stewart Dickson/Nicola Marrin

 

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