Mulberry Group PLC Early exit of Paris lease (2427E)
July 06 2021 - 2:01AM
UK Regulatory
TIDMMUL
RNS Number : 2427E
Mulberry Group PLC
06 July 2021
Mulberry Group plc
("Mulberry" or the "Company")
Early exit of Paris lease
Mulberry announces that its wholly owned subsidiary, Mulberry
Company (France) SARL, has agreed to terminate the lease of its
store at 275 Rue Saint Honoré, Paris, France (the "Property") and
exit the Property early.
As at 27 March 2021, the book value of the Property in the
Company's accounts was GBP7.9 million. The consideration, which is
receivable once Mulberry has exited the Property, expected to be
during September 2021, is GBP13.2 million.
The net proceeds after tax, expected to be around GBP10.8
million, will strengthen further the Company's cash position and
support investment opportunities in line with its strategic
plans.
The Company plans to open a new store in Paris once
international tourism returns. The objective will be a location
which supports the Company's omni-channel approach and optimises
its customer centric retail experience.
Sterling amounts translated from Euros at an exchange rate of
GBP1=EUR1.17
This announcement is released by Mulberry and contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. This
announcement is being made on behalf of the Company by Charles
Anderson, Group Finance Director of Mulberry.
Enquiries:
Mulberry Group plc Tel: +44 (0) 20 7605
Charles Anderson (Group Finance Director) 6793
GCA Altium (Financial Adviser and Tel: +44 (0) 20 7484
NOMAD) 4040
Tim Richardson
Headland (Public Relations) Tel: +44 (0) 20 3805
4822
Lucy Legh / Jane Glover
Barclays (Broker) Tel: +44 (0) 20 3134
9801
Nicola Tennent
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END
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