Sale by Photo-Me of part of its head office site

RNS Number : 9656I

Photo-Me International PLC

05 June 2014

 



RNS ANNOUNCEMENT

5 June 2014

Sale by Photo-Me of part of its head office site at Bookham, Surrey

Photo-Me has today exchanged contracts with Shanly Homes Limited (SHL) for the sale to SHL of vacant land at Photo-Me's head office site in Bookham. The land being sold is approximately 8,900 square metres (approximately 2.2 acres) immediately adjacent to Photo-Me's head office building. Photo-Me's head office building is not being sold and will remain its corporate headquarters.

SHL will pay Photo-Me £4.2 million in cash on completion (which is due to take place one month from today). In addition, depending on whether SHL has to carry out certain environmental remediation work on the site, SHL may pay Photo-Me up to a further £50,000. 

The book value of the land being sold is £0.7 million and therefore the profit on the sale (before costs) will be approximately £3.5 million.

The net proceeds of sale will increase Photo-Me's net cash position and will be retained by Photo-Me until its board decides on whether to invest them in the business or return them to investors.  Aside from this, the sale will not have any significant effect on its business.

Ends

For further information please contact:

Photo-Me International plc:

Françoise Coutaz-Replan on 01372 453 399

Media:

Madano Partnership

Matthew Moth/Julien Cozens on 020 7593 4000

Investors:

IR Focus

Neville Harris on 020 7593 4015

Notes to editors:

Photo-Me (www.photo-me.co.uk) has two main activities: Operations and Sales & Servicing.

Operations comprise the operation of unattended vending equipment, in particular photobooths, digital photo kiosks, photobook makers, amusement machines, business service equipment and laundry machines. Photo-Me is the world's leading operator of photobooths, with 24,900 sited worldwide.

Sales and Servicing comprises the development, manufacture, sale and after-sale servicing of this Operations equipment and a range of photo-processing equipment and album-maker solutions.  

 

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