Tandem Group PLC - sports equipment distributor based in West Midlands, England - Acquires 3.2 acres of freehold land adjacent to its existing site in Castle Bromwich, Birmingham for GBP2.9 million. Notes the acquisition will paid from existing cash resources, plus a new term loan of GBP1.4 million with an interest rate of 2.0% above base rate and a 10 year term. Says it plans to build a warehouse and distribution facility on the land, which is expected to cost GBP3.5 million and will be financed by a new property term loan of about GBP2.4 million. Expects construction to be completed in June 2022.
"The new warehousing and distribution facility will expand our existing operation and, coupled with the implementation of the new enterprise resource planning system, will help us to further grow domestic business and enhance warehousing and distribution efficiency," says Chief Executive Jim Shears.
Current stock price: 524.80 pence
Year-to-date change: up 1.9%
By Zoe Wickens; zoewickens@alliancenews.com
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Tandem Group (TND)