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(Alliance News) - Creightons PLC on Friday said it has agreed to purchase its principal trading premises in Peterborough for GBP3.8 million from Oratorio Developments Ltd.
Oratorio and Creightons have signed a conditional contract for 1210 Lincoln Road which needs approval from Creightons shareholders. Oratorio is wholly owned by Creightons Director William McIlroy.
Creightons, a manufacturer and brand owner in the beauty and wellbeing sectors, currently leases almost all of the property and will pay for the building with a GBP3.0 million 15-year loan from HSBC UK Bank PLC plus its existing facilities.
Shares in Creightons closed up 1.1% at 35.40 pence in London on Friday.
