Sale of Property

Robinson PLC
31 May 2023
 

Robinson plc                                                         

31 May 2023

 

SALE OF PROPERTY

Robinson plc ("Robinson", the "Company" or the "Group"; stock code: RBN), the custom manufacturer of plastic and paperboard packaging, is pleased to provide a property update.

The Company is pleased to announce a sale of part of the Walton Works surplus property in Chesterfield, known as "Mill Lane" (the "Property"). The Property has been sold to Peppermint Grove Ltd with exchange and completion having occurred on 30 May 2023.

The majority of the Property is vacant with a small part let to third parties. The consideration payable is £700,000 in cash and these monies will be used by the Company to reduce current bank debt. The Property currently attracts annual rental income of £12,000 and the book value was £642,000 at 31 December 2022.

Following the sale of the Property, the Directors estimate that the market value of the remaining surplus properties held by the Group is approximately £7,400,000.

Subject to the necessary planning approvals, we would expect further sales of surplus property in Chesterfield to be achieved in the next 12 months. The intention of the Group remains, over time, to realise value from the disposal of surplus properties and to reinvest the proceeds in developing our packaging business.

Robinson plc

www.robinsonpackaging.com

Helene Roberts, CEO

Mike Cusick, Finance Director

Tel: 01246 389280



finnCap Limited


Ed Frisby / Seamus Fricker, Corporate Finance

Tim Redfern / Barney Hayward, ECM

Tel: 020 7220 0500

 

About Robinson:

 

Being a purpose-led business, Robinson specialises in custom packaging with technical and value-added solutions for food and consumer product hygiene, safety, protection, and convenience; going above and beyond to create a sustainable future for our people and our planet. Its main activity is in injection and blow moulded plastic packaging and rigid paperboard luxury packaging, operating within the food and beverage, homecare, personal care and beauty, and luxury gift sectors. Robinson provides products and services to major players in the fast-moving consumer goods market including Procter & Gamble, Reckitt Benckiser, SC Johnson and Unilever.

 

Headquartered in Chesterfield, UK, Robinson has plants in the UK, Poland and Denmark. Robinson was formerly a family business with its origins dating back to 1839, currently employing nearly 400 people. The Group also has a substantial property portfolio with development potential.

 

 

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Robinson (RBN)
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