Property Disposals

RNS Number : 9339B

Caffyns PLC

22 August 2008

Caffyns plc

22 August 2008

PROPERTY DISPOSALS

Caffyns plc ('the Company')

On 22 June 2007 the Company announced that it had exchanged contracts for the sale of its vacant freehold site in Hove, East Sussex with Banner Homes (Wessex) Limited ('Banner') conditional upon a satisfactory planning permission being granted. The planning application for 900 square metres of office space and 40 residential units was refused, primarily on the basis of the density of the development, and an appeal was lodged. Following a detailed assessment of the likely success of an appeal against the refusal, the appeal has been withdrawn by Banner and the contract has been terminated. This site is now being re-marketed for sale.

On 19 November 2007 the Company announced that it had exchanged contracts for the sale of its vacant freehold site in East Grinstead, West Sussex with Alburn (Minos) Limited ('Alburn') conditional upon a satisfactory planning permission being granted. A planning permission has not been granted within the timescale laid down in the contract and the contract has now been terminated by Alburn. The Company is continuing to pursue the planning application with the local authority for retail use of 1,500 square metres together with 28 residential units and is seeking an alternative purchaser for the site.