Last checked at 24 Sep 2014 16:01
PROPERTY DISPOSAL
In February 2013, Caffyns plc ("the Company") acquired a freehold site in Lewes, East Sussex, to enable the aftersales operations of its Land Rover dealership to operate from facilities adjacent to its existing showrooms. Part of the site acquired, a Listed building and adjoining land ("the Property"), was surplus to requirements and, following a planning permission gained in March 2014 for a residential and office development, the site was marketed for sale.
The Company is pleased to announce that it has today exchanged contracts with Perth Securities Limitedfor the sale of the Property for £858,000. The consideration is payable in cash at completion on 31 October 2014 and the proceeds will be applied in reducing the Company's borrowings.
24 September 2014
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201