Sale and Leaseback of Property

RNS Number : 6149C

Victoria PLC

19 March 2014

 

19 March 2014

Victoria PLC

('Victoria' or the 'Company')

Sale and Leaseback of Property

Victoria PLC, (LSE: VCP) the manufacturer and distributor of floorcoverings, today announces that it has entered into a sale and leaseback agreement with Monopro Limited in respect of its manufacturing facility at Worcester Road, Kidderminster for £5.8 million cash.  The lease is for a 20 year term at an initial rent of £495,000 per annum and subject to annual RPI uplifts between 0 per cent. and 4 per cent..

The current net book value of the property is approximately £4.9 million resulting in a profit on sale (after associated costs) of approximately £0.7 million. Proceeds will be used to strengthen the Company's balance sheet.

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For more information contact:

Victoria PLC Geoff Wilding	[phone]
Cantor Fitzgerald Europe Rick Thompson, David Foreman (Corporate finance) Richard Redmayne (Corporate broking)	[phone]
MHP Nick Denton                                          Vicky Watkins	[phone]

 

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