Sale of Freehold Property (6833Y)
March 05 2012 - 6:29AM
UK Regulatory
TIDMDWHT
RNS Number : 6833Y
Dewhurst PLC
05 March 2012
Dewhurst PLC (the "Company" or "Dewhurst")
Sale of Freehold Property
Dewhurst PLC, an independent supplier of quality components to
the lift, transport and keypad industries, is pleased to announce
the sale of its freehold property known as Melbourne Works,
Inverness Road, Hounslow, Middlesex TW3 3LT to Willowcharm Limited
for the total cash consideration of GBP6.0 million (GBP5.0 million
plus GBP1.0 million VAT).
The Company recently moved its headquarters and factory from
Melbourne Works to a fully refurbished freehold property at Unit 9
Hampton Business Park, Hampton Road West, Feltham providing a
modern set of offices and factory more appropriate to the current
needs of the business.
Prior to the sale of Melbourne Works, the Company had
successfully obtained residential planning permission for the site
to enable it to realise the maximum possible value to offset
against the cost of the new premises. Melbourne Works is reported
in the books of the Company with a net book value of GBP0.6
million, giving rise to an estimated profit on disposal of GBP3.9
million (assuming associated costs of disposal of GBP0.5
million).
The net cash proceeds from the sale will enable the Company to
full pay down any short-term indebtedness to its bank, enabling a
return to its core strategy of maintaining a strong cash position
together with minimal or no borrowing.
For further details please contact:
Dewhurst Plc Tel: +44 (0)20 8744
8251
Richard Dewhurst / Jared
Sinclair
Seymour Pierce Ltd Tel: +44 (0)20 7107
8000
Freddy Crossley / David Foreman
(Corporate Finance)
Paul Jewell (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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