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Findel Surrenders Lease Of Vacant Property To Save GBP390,000 A Year

Wed, 08th Jul 2015 07:08

LONDON (Alliance News) - Findel PLC Wednesday said it has entered into an agreement with its landlord Tosca North West Ltd to surrender the lease over one of its vacant leasehold premises.

The UK home shopping and education business said that the property was formerly a warehouse for Findel Education but has been vacant since 2011. It has a lease with the landlord which has three years unexpired, but an "opportunity has arisen" to surrender the lease which will save the company GBP390,000 a year in rental costs.

The lease is recorded on the balance sheet as an onerous provision of GBP984,000, Findel said, and will cost GBP946,524 to surrender, resulting in a net profit of GBP37,476.

Tosca North West is a privately-owned company owned by Toscafund Asset Management LLP, which is a substantial shareholder of the group, Findel said.

Shares in Findel were trading up 0.6% at 202.25 pence early Wednesday.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews