Site acquisition and appointment

RNS Number : 7904G

Terrace Hill Group PLC

18 May 2011

 



18 May 2011

TERRACE HILL GROUP PLC

("Terrace Hill" or the "Company")

FOODSTORE DEVELOPMENT BUSINESS STRENGTHENED BY THE ACQUISITION OF A NEW SITE AND THE APPOINTMENT OF ASDA'S FORMER HEAD OF ACQUISITIONS

Terrace Hill Group plc (AIM: THG), a leading UK property development and investment group, announces that it has exchanged contracts to acquire a site for a new supermarket development located in Skelton, East Cleveland, and appointed Richard Petyt, the former Head of Foodstore Acquisitions at Asda, as a consultant in its retail division.

Skelton, East Cleveland

Terrace Hill has exchanged contracts to acquire a five acre site in Skelton, East Cleveland, and has agreed terms with a foodstore retailer to pre-let 41,800 sq ft supermarket development on the site. Terrace Hill will be undertaking a public consultation later this month ahead of the submission of a formal planning application later this year. The acquisition is conditional on receipt of a planning consent.

Richard Petyt appointment

The Company has appointed Richard Petyt as a consultant in its retail division, reporting to Retail Director, Duncan McEwan. After 10 years at Asda he leaves the position of Head of Foodstore Acquisitions, where he was instrumental in delivering its foodstore development programme. Richard brings with him particular knowledge and expertise of opportunities in the south of England, which has been the focus of his most recent activities.

Foodstore development has become an increasingly important part of Terrace Hill's business and these two announcements demonstrate further commitment and success within the sector.

Duncan McEwan, Head of Retail Development at Terrace Hill, commented: "We are now widely recognised as having real strength in the foodstore sector and the experience Richard gained during 10 years at Asda will provide us with a greater insight and coverage, particularly in the south of England.

"The conditional acquisition of the site at Skelton is the latest success in our growing pipeline of foodstore sites adding to those already committed to at Sunderland, Whitchurch and Teesside and follows on from last year's completions at Bishop Auckland, Helston and Heaton in Manchester."

-Ends-

For further information, please visit www.terracehill.co.uk or contact:

Terrace Hill
Philip Leech, CEO	Tel: [phone]
Duncan McEwan, Retail Director	Tel: [phone]
Oriel Securities Limited (Nominated Adviser and Broker)	Tel: [phone]
David Arch/Gareth Price
Financial Dynamics	Tel: [phone]
Richard Sunderland/Olivia Goodall/Will Henderson	[e-mail]

Notes to editors:

Terrace Hill Group

Terrace Hill Group PLC is a regionally based UK property development and investment group quoted on AIM, with two key divisions:

·              Commercial development

·              Residential investment.

Formed in 1986, the Company has five offices located in London, Glasgow, Teesside, Bristol and Manchester, managing a commercial development programme and a residential investment portfolio.

 

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