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28 Apr 2011 16:50
Caffyns plc
PROPERTY DISPOSAL UPDATE
On 22 March 2011 Caffyns plc ("the Company") announced that it had exchanged contracts with Shell Trust (UK Property) Limited ("Shell") for the sale of its vacant freehold site at Preston Road, Brighton conditional upon a lease being granted by the Company to Sainsbury's Supermarkets Limited ("Sainsbury's") by 20 June 2011. The granting of a lease to Sainsbury's was conditional upon an appropriate planning approval being granted for change of use.
The planning application was considered by Brighton and Hove County Council on 27 April 2011 and was refused. As a consequence, it will not be possible to grant a lease to Sainsbury's by 20 June 2011. The sale of the property to Shell will therefore not be completed at this time.
28 April 2011
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
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