PARC CYBI TRUCKSTOP JOINT VENTURE

RNS Number : 7443U

Conygar Investment Company PLC(The)

05 December 2013

 

For immediate release

5 December 2013

THE CONYGAR INVESTMENT COMPANY PLC

PARC CYBI TRUCKSTOP JOINT VENTURE

The Conygar Investment Company PLC (Conygar or the Company), the property investment and development group, is pleased to announce the creation of a joint venture with Mr Fred Done of Betfred through his truck stop subsidiary Road King, to develop and operate a truck stop facility at its site at Parc Cybi, Holyhead, Anglesey.

The joint venture (Road King Holyhead) will occupy the 14 acre site on the development site and create a 200 space truck stop and associated amenities together with ten logistical support units.

Conygar and Road King have each committed £2.5 million to the joint venture in order to fund the construction and start up of the truck stop operations. Work is well advanced on the detailed specification and construction process and it is hoped to be on site by the spring of 2014 with a view to the truck stop being operational by autumn of next year. The joint venture will be fully funded by the partners out of existing cash resources although external funding may be introduced in future as appropriate.

The site will be operated by the Road King management who already own and operate the Hollies truck stop on the M6 outside of Stafford. Road King is owned by the Done family who also own the Betfred betting empire. Holyhead is the country's second busiest freight port and the truck stop will provide a much needed facility which is not currently available. It will also be available as a logistics facility for the construction of the proposed New Wylfa nuclear power station.

Robert Ware, Chief Executive of Conygar, commented: "This is great news for Conygar and we are delighted to be working with Fred and his organisation who have the resources and expertise to make this facility a great success."

Fred Done, Chairman of Betfred, commented: "This development is a further expansion of the Road King brand and concept following the success of the Hollies truck stop, and I am pleased to be working with the Conygar team and believe there will be other development opportunities with them in the future."

Enquiries:

The Conygar Investment Company PLC

Robert Ware:                  020 7258 8670

Peter Batchelor:              020 7258 8670

Liberum Capital Limited (Nominated Adviser)

Chris Bowman:               020 3100 2222

Richard Bootle:               020 3100 2222

Tim Graham:                   020 3100 2222

Temple Bar Advisory (Public Relations)

Alex Child-Villiers:          07795 425580

 

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