Early exit of Paris lease

RNS Number : 2427E

Mulberry Group PLC

06 July 2021

 

Mulberry Group plc

("Mulberry" or the "Company")

Early exit of Paris lease

Mulberry announces that its wholly owned subsidiary, Mulberry Company (France) SARL, has agreed to terminate the lease of its store at 275 Rue Saint Honoré, Paris, France (the "Property") and exit the Property early.

As at 27 March 2021, the book value of the Property in the Company's accounts was £7.9 million. The consideration, which is receivable once Mulberry has exited the Property, expected to be during September 2021, is £13.2 million.

The net proceeds after tax, expected to be around £10.8 million, will strengthen further the Company's cash position and support investment opportunities in line with its strategic plans.

The Company plans to open a new store in Paris once international tourism returns. The objective will be a location which supports the Company's omni-channel approach and optimises its customer centric retail experience.

Sterling amounts translated from Euros at an exchange rate of £1=€1.17

This announcement is released by Mulberry and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. This announcement is being made on behalf of the Company by Charles Anderson, Group Finance Director of Mulberry.

Enquiries:

Mulberry Group plc Charles Anderson (Group Finance Director)	Tel: [phone]
GCA Altium (Financial Adviser and NOMAD)	Tel: [phone]
Tim Richardson
Headland (Public Relations)	Tel: [phone]
Lucy Legh / Jane Glover
Barclays (Broker)	Tel: [phone]
Nicola Tennent

 

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