Exchange of Contracts for sale of Property

RNS Number : 5261X

Coral Products PLC

05 May 2021

 

Coral Products plc

("Coral" or the "Group")

Exchange of Contracts for sale of Property

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester is pleased to report that it has exchanged contracts for the sale of its freehold premises at North Florida Road Haydock, Merseyside (the "Property") to Glenbrook CP Limited for approximately £3.5 million subject to a closing account reconciliation and conditional on the Group replacing the roof of the Property as described below and other certain conditions precedent.

The Group will spend approximately £650,000 replacing the roof to the Property prior to completion, which is anticipated by the end of Q3 2021.

The Property was originally purchased by the Group in December 2012 for £1.75 million and is held in the books of the Group at a carrying value of £2.5 million. The tenant of the Property is currently contracted to pay the Group £300,000 per annum in rent for use of the Property.

Executive Chairman, Joe Grimmond, said: "Following the repayment of the CBIL loan, the sale of the property and the return to normal business activity, the Group has three profitable, cash generative businesses, a strong balance sheet and a much increased cash balance which will be further enhanced following completion of the sale of the Property. This will support organic growth whilst allowing for us to seek acquisitions to augment our existing activities and reward shareholders for their long term support."

For further information, please contact:

Coral Products plc Joe Grimmond, Executive Chairman	Tel: [phone]
Nominated Adviser & Broker WH Ireland Limited Adrian Hadden Darshan Patel Lydia Zychowska Jasper Berry (Corporate Broking)	Tel: [phone]
Capital Markets Consultants Limited Richard Pearson	Tel: [phone]

 

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