Roxboro Group PLC
21 July 2000
SALE AND PART LEASEBACK OF THE LAND AND BUILDINGS
AT VICTORIA ROAD, FARNBOROUGH ('FARNBOROUGH SITE')
The Roxboro Group PLC announces that it has agreed with J.
Sainsbury Developments Limited the terms for the disposal
of the Farnborough Site for a cash consideration of £19.6
million and a leaseback of part of the site. The
transaction was completed today.
The Farnborough site is currently partly occupied by
businesses within Roxboro's Solartron Group and Weston
Group. The relocation of the Solartron businesses to
occupy existing sites acquired as a result of the
acquisition of Mobrey earlier this year has facilitated
the release of land for sale for development purposes.
The consideration will be used to reduce net borrowings of
The Roxboro Group PLC. Weston Aerospace is to remain on
the Victoria Road site and will relocate to a more modern
building which has been leased back from J. Sainsbury
Developments Limited on a 25 year lease.
The book value of the properties sold as at 31 December
1999 was £13,984,000.
It is anticipated the profit generated by this transaction
will offset the costs of reorganisation and relocation of
Solartron Mobrey and the future costs associated with the
Weston move.
Enquiries:
Harry Tee - Group Chief Executive
Alf Vaisey - Group Finance Director
The Roxboro Group PLC
Telephone: 01223 424626
Alistair Mackinnon-Musson
Philip Dennis
Hudson Sandler Limited
Telephone: 020 7796 4133
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