Property Purchase Completed

RNS Number : 0209L

Character Group PLC

26 July 2011

 



Issued by Citigate Dewe Rogerson, Birmingham

Date: Tuesday, 26 July 2011

The Character Group plc

designers, developers and international distributors of toys, games and gifts

Property Purchase completed

As indicated in the Group's Interim Results announced in April 2011, The Character Group plc ('Company' or the 'Group') has, via one of its subsidiaries, purchased the freehold interest in Vernon Mill, High Barn Street, Royton, Oldham, Lancashire (the "Property") for £1.7m paid in cash.  Completion took place on Friday 22 July 2011.  An additional payment will be made to the seller if the Property is sold with the benefit of planning permission within 15 years of completion and the price achieved exceeds £2.2m plus various associated costs incurred by the Group.

The Board believes that the acquisition of the 325,000 sq ft Property secures the opportunity for expansion of the Group's principal trading operation without disruption or relocation.

Lees Brook Mill, Lees, Oldham which is owned by the Group, continues to provide the central logistical facility, whilst Vernon Mill, which is already occupied by the Group, provides additional facilities required for both existing operations and future expansion.

The Board believes that the purchase of this Property, which occupies a 5.5 acre site, represents a sound investment for the Group.

Enquiries:
Richard King, Chairman		Russell Cook
Kiran Shah, Group Finance Director & Joint MD	Fiona Tooley	Carl Holmes
The Character Group plc	Citigate Dewe Rogerson	Charles Stanley Securities
Tel: [phone]	Tel: [phone]	(Nominated Adviser)
www.thecharacter.com		Tel: [phone]
Ticker: AIM: CCT

 

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