T.Clarke plc ("T. Clarke" or the "Group"), is pleased to announce the following transaction involving the freehold of Stanhope House, 116 - 118 Walworth Road, London SE17 1JY.
Contracts have been exchanged for the sale of the property, which is currently the Group's Head Office, to Peabody Trust for a cash consideration of £3.1m. This is in line with a professional valuation undertaken earlier this year and the sale will realise an exceptional profit of £2.1m.
Under the terms of the sale and purchase agreement, £3.1m is payable in cash on completion which is delayed by up to six months from the date of exchange but is expected to be finalised by the end of 2011 when alternative premises are ready.
The proceeds of the sale will be used to support the future growth of the business in our target sectors.
The sale of the property allows the Board to fulfil its strategy of bringing together in a central location the staff and operations of both T.Clarke London and DGR, the specialist Mechanical Services & Public Health contractor. DGR was acquired by the Group in August 2010 and is currently based in Brentwood, Essex.
Mark Lawrence, Chief Executive of T. Clarke commented:
"The co-location of these two businesses will bring the benefits of greater integration and allow us to build upon the Group's objective of offering our clients a broader range of services".
Date 13th September 2011
For further information contact:
T. Clarke plc
Mark Lawrence Martin Walton
Group Chief Executive Finance Director
Tel: 020 7358 5000 Tel: 020 7358 5000
Tel: 020 7448 3244
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