11 Aug 2020 07:00
11 August 2020
Appreciate Group plc
Completion of sale of Valley Road
Appreciate Group plc, the UK's leading multi-retailer redemption product provider to corporate and consumer markets, today confirms that it has completed the sale of Budworth Properties Ltd, a Group subsidiary which owns the land and buildings located at Valley Road, Birkenhead to HP (Valley Road) Limited for a cash consideration of £3.2 million ("the Disposal").
The land and buildings had been held on the Group's balance sheet as an asset held for sale. The consideration for the disposal, and the non-cash impairment charge of £1.8m, are in line with our expectations of the carrying value to be reported as at 31 March 2020 and the guidance on impairment charges that was provided in the Group's year end trading update on 30 April 2020.
The transaction includes an agreement for Appreciate Group to leaseback a small amount of space for its fulfilment operations at Valley Road from HP (Valley Road) Limited.
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For further information please visit https://www.appreciategroup.co.uk or contact:
Appreciate Group plc | Liberum (NOMAD and broker) | MHP Communications |
Andy Hammerton, Head of Corporate Affairs Ian O'Doherty, CEO Tim Clancy, CFO | Richard Crawley Jamie Richards | Reg Hoare / Katie Hunt / Charles Hirst |
Tel: 0151 653 1700 |
Tel: 020 3100 2222 |
Tel: 020 3128 8193 Email: appreciategroup@mhpc.com |
The information contained within this announcement is deemed by Appreciate Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Notes to Editors:
Appreciate Group is one of the UK's leading gifting, pre-payment and engagement companies, and experts at creating joyful experiences and connecting people to the things in life they enjoy the most.
Everything Appreciate Group does is focused on creating more joy in the world, and it is proud to be trusted to help its customers create moments they can treasure and remember, whether they are giving, celebrating or rewarding.
Appreciate Group is a financial services business with a wide portfolio of brands which provide solutions for its consumer and business customers. Its consumer-facing brands meet a range of prepayment and gifting needs, while its business products help corporate customers reward and recognise their employees and clients.
Appreciate Group is home to many of the country's most-loved gifting, pre-payment and engagement solutions including Park Christmas Savings, Highstreetvouchers.com and Love2shop, and we are fast-becoming the home of digital innovation in gifting.
Whether it's saving towards the perfect family Christmas or celebrating with gift cards and vouchers, we create and supply products that millions of people trust when it comes to giving and receiving with family, friends or colleagues.
Park Christmas Savings: As the UK's largest family Christmas savings club, Park Christmas Savings has helped over 2.7 million families budget for Christmas on a short-term or year-round basis.
Love2shop: Love2shop offers gift cards and gift vouchers available to spend at stores and attractions across the UK. They are also used through our Love2shop Business Services providing corporate partners with incentives and rewards for their employees and clients.
Select Digital Gift Card: The UK's first fully digital multi-retailer gift card, available to spend online or in-store through your mobile wallet.
Appreciate Group plc's shares are traded on AIM, a market operated by the London Stock Exchange.
The Park Prepayments Protection Trust is designed to increase protection for customers' prepayments. The Trust has three directors, two of whom are independent of Appreciate. Details of the trust are set out here: https://www.getpark.co.uk/CORPORATE/declaration.pdf