Disposal

RNS Number : 3605E

Caffyns PLC

06 April 2011

 



PROPERTY DISPOSAL

Caffyns plc ("the Company") announces that it has exchanged contracts with TE Beteiligungs GmbH for the sale of its freehold site at Sevenoaks, Kent for £1.75 million. This site has traded as a Peugeot franchise but will cease trading by 31 May 2011 at the end of the current contract term with Peugeot. The net gain on sale and after closure costs is expected to be approximately £150,000. The consideration is payable in cash on 31 May 2011.

The proceeds will be applied in reducing the Company's borrowings and for reinvestment in the company's business.

6th April 2011

Enquiries:

Simon Caffyn

Chief Executive

Mark Harrison

Finance Director

Telephone:  [phone]

 

END

 

 

DISEASLSEFLFEFF