(Alliance News) - John Lewis of Hungerford PLC on Thursday announced the sale and leaseback of its freehold purpose-built factory and administrative headquarters in Wantage, Oxfordshire.
John Lewis of Hungerford has also said it intends to seek shareholder approval to cancel the company's ordinary shares from trading on AIM.
John Lewis of Hungerford is a specialist manufacturer and retailer of kitchens, bedrooms and freestanding furniture.
The company plans to re-register as a private limited company and undertake a share buyback through a tender offer which will allow shareholders who wish to do so the opportunity to sell shares.
The directors believe that tender offers made would be worth approximately 10% of the company's ordinary shares, around 1.5 pence per share.
Chief Executive Officer and Acting Chair Kiran Noonan said: "The sale and leaseback transaction with TOF Corporate Trustees secures a strong strategic partnership with a fund committed to developing the Grove Business Park.
"The proposed cancellation of trading in our shares on AIM is a key part of the Board's plan to ensure management time is exclusively focused on the progress of the Company."
John Lewis of Hungerford shares were trading 11.9% lower at 1.30 pence on Thursday afternoon.
By Will Neill, Alliance News reporter
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