LONDON (Alliance News) - Plastics Capital PLC Friday said it has inked a sale and leaseback deal with Hornbuckle Mitchell Trustees Ltd for a property in Haslingden, Lancashire for GBP1.4 million in cash.
The property is wholly owned by Flexipol Packaging Ltd, which Plastics Capital bought last year. Hornbuckle Mitchell is part owned by Ian Smith and Dermot Griffiths, the vendors of Flexipol.
The lease is for a ten-year term at an initial rent of GBP130,000 per year.
The proceeds of the deal will be used to reduce bank debt, Plastics Capital said.
Shares in Plastics Capital are trading up 2.1% at 97.00 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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