Completion of sale of property
November 15 2010 - 2:00AM
UK Regulatory
TIDMDISL
RNS Number : 1433W
Discover Leisure PLC
15 November 2010
15 November 2010
DISCOVER LEISURE PLC
('Discover Leisure' or 'the Group')
Completion of sale of property
On 11 November 2010 Discover Leisure completed the sale of its Portsmouth site
for a cash consideration of GBP1,650,000 to BDW Trading Limited, part of Barratt
Developments plc. A profit of GBP150,000 will be realised based upon its book
value of GBP1,500,000. This completes the sale of the seven surplus properties
which arose as a result of the restructuring of the group in the early summer of
2009. All seven properties have realised a total of GBP4,865,000 compared with a
valuation in April 2009 of GBP4,400,000. All proceeds have been used to pay down
the Group's asset disposal loan with Natwest Bank and this final disposal leaves
a balance of GBP293,000. A monthly repayment schedule has been agreed of
GBP10,000 in the months of October to March inclusive and GBP19,000 from April
to September with any balance remaining being payable in May 2012. This loan
incurs interest at 4.75% above LIBOR.
+-----------------------------------+-----------------------------+
| | |
| For further information please | |
| contact: | 01430 803 385 |
| | |
| Discover Leisure plc | |
+-----------------------------------+-----------------------------+
| David Morrow, Chairman | |
+-----------------------------------+-----------------------------+
| Trevor Parker, Chief Executive | |
+-----------------------------------+-----------------------------+
| Neil Harwood, Finance Director | |
+-----------------------------------+-----------------------------+
| | |
| Panmure Gordon (UK) Limited | 020 7459 3600 |
+-----------------------------------+-----------------------------+
| Andrew Godber / Stuart Gledhill | |
+-----------------------------------+-----------------------------+
| | |
| Cubitt Consulting | 020 7367 5100 |
+-----------------------------------+-----------------------------+
| Chris Lane / Samantha Boston | |
+-----------------------------------+-----------------------------+
Background Note
Discover Leisure is a leading specialist caravan, motor home and leisure
industry retailer which floated on AIM in May 2005. The Group's strategy is to
lead the consolidation and modernisation of caravan and motorhome retailing in
the UK, which also creates opportunities to sell outdoor leisure products from
its branches and over the internet.
In August 2005, Discover Leisure acquired the company which owned Harringtons
Caravans. On 8 September 2006, it acquired Leisure World, which owned four
caravan retail outlets, for GBP5.75 million, followed on 3 July 2007 by the
acquisition of Barrons Holdings, a leading retailer of caravans, motor homes and
associated accessories with seven retail branches across the country, for
GBP20.0 million. On the same date, Mendip Caravan Centre, which operates three
retail branches, was purchased for a total consideration of GBP2.2 million. On
12 March, 2008, Discover Leisure announced the acquisition of the motor homes
dealership based on a five acre site in Cannock in Staffordshire from the
Brownhills Group for GBP2.66 million.
With a rapid decline in the demand for leisure vehicles following the global
financial crisis in 2008, the Group undertook a major restructuring of the
business in 2009 including the proposal and subsequent approval of a Company
Voluntary Arrangement (CVA), refinancing of its banking facilities and closure
of eleven of its trading sites.
The Group now has 5 branches employing 260 people across the north of England.
The branches are located at: Birtley (Tyneside), Delamere (Cheshire), Chorley
(Lancashire), Darlington (County Durham) and York (Yorkshire). Its head office
is situated in East Yorkshire.
The board consists of David Morrow, Chairman; Trevor Parker, Chief Executive;
and Neil Harwood, Finance Director. The Non Executive Directors are Ian
Currie, Simon Dixon and James Hayward.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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