Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Town Centre Secs. (TCSC)

  Print      Mail a friend       Annual reports

Friday 18 November, 2011

Town Centre Secs.

Interim Management Statement

RNS Number : 3208S
Town Centre Securities PLC
18 November 2011

18 November 2011 


("TCS" or "the Company")

Interim Management Statement

Town Centre Securities PLC, the Leeds based property investment and development company, presents its Interim Management Statement covering the period from 1 July 2011 to 17 November 2011 ("the period").


The Company has continued to focus on the management of its existing portfolio of investment properties and car parks.  Performance overall has been consistent with the same period last year and is in line with our expectations.

Asset Management

We have been working with our tenants at Urban Exchange in Manchester to develop a successful brand for this outlet centre as we believe there is an opportunity to market the centre to the benefit of landlord and tenants.  Only one unit, 7,000 sq ft, out of 140,000 sq ft, remains unoccupied.

Following the refurbishment of the Merrion Street retail units at our Merrion Centre in Leeds we handed new shop units over to KFC and Coral for their fit out.  Responding to the commencement in February 2011 of the construction of the Leeds Arena, a 13,500 capacity concert and events venue located immediately adjacent to the Merrion Centre, we continue to advance our plans for the refurbishment of the multi-storey car park and creation of additional retail/leisure units at ground floor level.  We expect to receive planning and hope to be on site in the early part of 2012.

Our void level has been maintained at around 3%, following the considerable reduction in voids achieved through letting the vacant space at Urban Exchange and other asset management over the last year. 

Rent collection continues to be very strong with 99% of our September quarter day rents collected within five days of the due date.  The broad spread of our tenants and our focus on the value for money retail sector stand us in good stead.  However, we remain wary about rent collection, lease renewals and unforeseen voids due to the risk of tenant failures and administrations.  The tenant market is challenging and we closely monitor tenant performance.

Financial performance

As at 17 November 2011, the Company had net debt of £142.8m, (30 June 2011; £140.1m) comprising £106.0m of 5.375% debenture stock repayable in 2031, and £36.8m of bank loans. This is consistent with our expectations.  

There is significant headroom in our facilities and we continue to operate comfortably within our loan to value and interest cover covenants.  Discussions are at an advanced stage to complete the refinancing of our bank facilities.  As previously indicated, inevitably we will incur higher borrowing costs compared to the more favourable margins in our existing facilities.

Acquisitions and Disposals

No acquisitions or disposals were completed in the period. We are continuing to look for opportunities to grow our property portfolio and car parking business.  So far, available opportunities have not met our criteria for property acquisitions where we can create value.  This relies on identifying properly priced opportunities with value now rather than the promise of value in the future. 


As announced in September, we are progressing our joint venture arrangement with Metric Property Investments plc at Rochdale.  Work continues on identifying suitable tenants with a view to being on site in the latter half of 2012.

Car Parking

Year on year, car parking revenues are in line with our expectations given increasing competition and market conditions.  Parking volumes at the Merrion Centre Multi-Storey Car Park have continued to grow as a result of our active asset management and this is helping to drive footfall in the Merrion Centre.


Edward Ziff, Chairman, commenting, said:

"We continue to maintain a very strong focus on managing our assets effectively and this is reflected in our void rate remaining close to 3%.  We are pleased with progress so far at Urban Exchange where our tenants are trading satisfactorily.  There is, however, uncertainty for the retail sector at present and we remain cautious about the future as a result."

For further information, please contact:

Town Centre Securities PLC

Edward Ziff, Chairman and Chief Executive

0113 222 1234

Chris Kelly, Finance Director

MHP Communications

Reg Hoare / Vicky Watkins

020 3128 8100


This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t