Completion of sale of property

RNS Number : 0304T

Coral Products PLC

22 November 2021

 

CORAL PRODUCTS PLC

('Coral' or the 'Company' or the 'Group')

Completion of sale of property

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce the completion on 19 November 2021 for the sale of the Company's freehold premises at North Florida Road Haydock, Merseyside to Glenbrook CP Limited for approximately £3.5 million, as previously announced on 5 May 2021.

The net proceeds of £3.5 million have now been received, and will be used to support organic growth whilst allowing the Company to seek acquisitions to augment its existing activities and reward shareholders for their long term support.

The profit on the sale of approximately £900,000 will be accounted for in our full year results to 30 April 2022.

The Company will report free cash and cash equivalents as at 31 October 2021, in its interims results, of approximately £5.5 million, this is before the property proceeds.

ENQUIRIES :

Coral Products plc

Joe Grimmond, Executive Chairman     Tel: [phone]

WH Ireland, Nominated Adviser and Broker     Tel: [phone]

Adrian Hadden

Darshan Patel

Megan Liddell

Capital Markets Consultants Limited  Tel: [phone]

Richard Pearson 

 

END

 

 

DISEAXFNFEKFFFA