FCCN.L Regulatory News (FCCN)

23 Dec 2005 12:04

French Connection Group PLC23 December 2005 French Connection Group plc Sale of freehold property 22 December 2005 French Connection has agreed terms for the sale of its freehold warehouse in theeast-end of London which is currently used for retail store replenishment. Theterms of the agreement allow for the sale of the entire property to FlagstaffProperties Limited for a consideration of £6 million in cash, payable oncompletion in January 2006. The book value of the property is £1.3 million andthe profit from the sale will amount to approximately £4.5 million before tax.Part of the proceeds will be applied to fund the capital expenditure associatedwith a new distribution centre and the remainder will be applied to support theon-going business. Enquiries: Roy Naismith, Finance Director +44(0)20 7036 7063 This information is provided by RNS The company news service from the London Stock Exchange