Last checked at 27 Apr 2016 16:33
Caffyns plc
Acquisition of Property
Caffyns plc (the "Company") announces that it has exercised options (which expire today, 27th April 2016) to acquire three parcels of land, approximately 3.7 acres in aggregate, in Angmering, West Sussex (the "Land").
Total consideration for the Land is £2.3 million in cash which will be satisfied from the Company's existing bank facilities as follows:
(a) £1.025 million for land and buildings to be acquired from Mr R I Cahn on 27th October 2016;
(b) £0.8 million for land and buildings to be acquired from Mr M J Ridpath and Ms S A Knowles on 27th October 2016 (or earlier at the option of the vendors but not before 27th July 2016); and
(c) £0.475 million for land and buildings acquired from Haskins Garden Centres Limited on 27th October 2016.
The Company intends to relocate its existing Audi dealership in Worthing to the Land. Planning permission for the proposed relocation was initially refused by Arun District Council on 31st March 2016. However, following Counsel's advice in relation to the grounds for a planning appeal, the Company intends appealing against this decision.
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201