Coral Products PLC Exchange of Contracts for sale of Property (5261X)
May 05 2021 - 2:00AM
UK Regulatory
TIDMCRU
RNS Number : 5261X
Coral Products PLC
05 May 2021
Coral Products plc
("Coral" or the "Group")
Exchange of Contracts for sale of Property
Coral Products plc, a specialist in the design, manufacture and
supply of plastic products based in Wythenshawe, Manchester is
pleased to report that it has exchanged contracts for the sale of
its freehold premises at North Florida Road Haydock, Merseyside
(the "Property") to Glenbrook CP Limited for approximately GBP3.5
million subject to a closing account reconciliation and conditional
on the Group replacing the roof of the Property as described below
and other certain conditions precedent.
The Group will spend approximately GBP650,000 replacing the roof
to the Property prior to completion, which is anticipated by the
end of Q3 2021.
The Property was originally purchased by the Group in December
2012 for GBP1.75 million and is held in the books of the Group at a
carrying value of GBP2.5 million. The tenant of the Property is
currently contracted to pay the Group GBP300,000 per annum in rent
for use of the Property.
Executive Chairman, Joe Grimmond, said: "Following the repayment
of the CBIL loan, the sale of the property and the return to normal
business activity, the Group has three profitable, cash generative
businesses, a strong balance sheet and a much increased cash
balance which will be further enhanced following completion of the
sale of the Property. This will support organic growth whilst
allowing for us to seek acquisitions to augment our existing
activities and reward shareholders for their long term
support."
For further information, please contact:
Coral Products plc Tel: 07703
Joe Grimmond, Executive Chairman 51 8148
Nominated Adviser & Broker
WH Ireland Limited Tel: 0207 220
Adrian Hadden 1666
Darshan Patel
Lydia Zychowska
Jasper Berry (Corporate Broking)
Capital Markets Consultants Tel: 07515
Limited 587 184
Richard Pearson
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