Last checked at 5 Mar 2012 11:29
Dewhurst PLC (the "Company" or "Dewhurst")
Sale of Freehold Property
Dewhurst PLC, an independent supplier of quality components to the lift, transport and keypad industries, is pleased to announce the sale of its freehold property known as Melbourne Works, Inverness Road, Hounslow, Middlesex TW3 3LT to Willowcharm Limited for the total cash consideration of £6.0 million (£5.0 million plus £1.0 million VAT).
The Company recently moved its headquarters and factory from Melbourne Works to a fully refurbished freehold property at Unit 9 Hampton Business Park, Hampton Road West, Feltham providing a modern set of offices and factory more appropriate to the current needs of the business.
Prior to the sale of Melbourne Works, the Company had successfully obtained residential planning permission for the site to enable it to realise the maximum possible value to offset against the cost of the new premises. Melbourne Works is reported in the books of the Company with a net book value of £0.6 million, giving rise to an estimated profit on disposal of £3.9 million (assuming associated costs of disposal of £0.5 million).
The net cash proceeds from the sale will enable the Company to full pay down any short-term indebtedness to its bank, enabling a return to its core strategy of maintaining a strong cash position together with minimal or no borrowing.
For further details please contact:
Dewhurst Plc | Tel: +44 (0)20 8744 8251 |
Richard Dewhurst / Jared Sinclair | |
Seymour Pierce Ltd | Tel: +44 (0)20 7107 8000 |
Freddy Crossley / David Foreman (Corporate Finance) | |
Paul Jewell (Corporate Broking) |