Last checked at 16 Apr 2015 07:00
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
("Braime" or the "Company")
Conditional Disposal
The Company announces that on 15 April 2015 its subsidiary, Braime Pressing Limited entered into a conditional sale agreement with Leeds Advanced Manufacturing UTC Limited ("LAM") to dispose of approximately 1.18 acres of warehousing space and car park for a consideration of £855,000, plus a contribution to "associated works" of £295,000 (the "Disposal").
The Disposal is conditional on, inter alia, LAM obtaining all relevant planning and listed building permissions and satisfactory site investigation results.
The site represents only 25% of the Company's total site of 4.6 acres and the current warehousing facilities will be re-located by Braime to another part of the site, so there will be no change to the ongoing operations of the Company.
The book value of the land and buildings in the proposed transaction is £25,000.
The directors intend that the sale proceeds will be used for relocating and upgrading the existing warehouse and logistics functions which will enhance the future operating efficiency of the company.
For further information please contact:
Nicholas Braime
0113 245 7491
W. H. Ireland Limited
Katy Mitchell LLB
0113 394 6628