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Photo-Me sells land next to HQ

By BFN News | 03:08 PM | Thursday 05 June, 2014

Photo-Me has exchanged contracts for the sale of vacant land at its head office site in Bookham to Shanly Homes. The land being sold is approximately 8,900 square metres (approximately 2.2 acres) immediately next to Photo-Me's head office building. Photo-Me's head office building is not being sold and will remain its corporate headquarters. SHL will pay Photo-Me £4.2m in cash on completion (which is due to take place one month from today). In addition, depending on whether SHL has to carry out certain environmental remediation work on the site, SHL may pay Photo-Me up to a further £50,000. The book value of the land being sold is £0.7m and the profit on the sale (before costs) will be approximately £3.5m. The net proceeds of sale will increase Photo-Me's net cash position and will be retained until the board decides on whether to invest them in the business or return them to investors. At 3:08pm: (LON:PHTM) PhotoMe International PLC share price was +0.5p at 138.5p Story provided by

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