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Last checked at 
18 Oct 2012 11:31
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Caffyns plc
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PROPERTY DISPOSAL UPDATE
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On 27 May 2011 Caffyns plc ("the Company") announced that it had exchanged contracts with McCarthy & Stone Retirement Lifestyles Limited ("McCarthy & Stone") for the sale of its freehold site at Alton, Hampshire conditional upon McCarthy & Stone obtaining a planning permission for change of use. A planning permission has now been granted and other conditions contained in the contract have been satisfied. The contract has now become unconditional. Completion on the sale will be on 7 December 2012 and the proceeds of Β£1.807m will be received in cash. The gain on the disposal of the site after the costs of sale is approximately Β£1.15m, such gain accruing in the second half of the Company's financial year. The site closed for trading in September 2012 and the costs of closure, amounting to approximately Β£200,000, will be charged in the first half of the Company's financial year.
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The proceeds will be applied in reducing the Company's borrowings and for reinvestment in the Company's business.
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18 October 2012
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Enquiries:
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Simon Caffyn
Chief Executive
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Mark Harrison
Finance Director
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Telephone: 01323 730201
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