Last checked at 3 Aug 2023 10:41
3 August 2023
Kainos Group plc
("Kainos" or the "Company")
Mount Charles & Bankmore Square, Belfast
Kainos Group plc (KNOS), a UK headquartered IT provider with expertise across three divisions, Digital Services, Workday Services and Workday Products, today announces that it has completed contracts in connection with the formal sale of its Mount Charles, Belfast site, for a total consideration of £1.45m to Queens University Belfast ("QUB").
The price agreed for the Mount Charles site was the best price obtainable after an open market disposal process. Kainos decided to sell the Mount Charles site because of the Company's decision to proceed with the development of its new offices at Bankmore Square, Belfast.
The sale of the Mount Charles site is in addition to the Bankmore Square update, dated 18 October 2022. The Company intends to sell 60% of its existing Bankmore Square site to QUB for a total consideration of £6.2m. Contracts for the Bankmore Square site have been exchanged, with contract completion planned for December 2024, pending receipt of planning.
The aggregate consideration payable by QUB for the Mount Charles and Bankmore sites, (together the "Transactions") will be £7.65m. As QUBIS Ltd ("QUBIS"), a wholly owned subsidiary of QUB, was a substantial shareholder of Kainos within the last twelve months, it is deemed a 'related party' of the Company for the purposes of Listing Rule 11.1.4R. Accordingly, the transactions by QUBIS constitute a 'smaller related party transaction' for the purposes of Listing Rule 11.1.10R.
Brendan Mooney, Chief Executive Officer of Kainos, said:
"Following the expansion of our offices in Upper Crescent, we have decided to sell our offices in nearby Mount Charles, so that they can continue to contribute to a vibrant community in the University Quarter. We also remain on schedule with plans for our new purpose-built office at Bankmore Square and we look forward to welcoming colleagues and customers to our new home in late 2026".
ENDS
For further information, please contact:
Kainos via FTI Consulting LLP
Brendan Mooney, Chief Executive Officer
Richard McCann, Chief Financial Officer
Investec Bank plc +44 20 7597 5970
Patrick Robb / Ben Griffiths
FTI Consulting LLP +44 20 3727 1000
Dwight Burden / Kwaku Aning
About Kainos Group plc
Kainos Group plc is a UK-headquartered IT provider with expertise across three divisions: Digital Services, Workday Services, and Workday Products.
· Digital Services develops and supports custom digital service platforms for public sector, commercial, and healthcare customers. Our solutions transform the delivery of these services, ensuring they are secure, accessible, and cost-effective, and provide better outcomes for users.
· Workday Services specialises in the deployment of Workday, Inc.'s Finance, HR and Planning products to leading organisations across Europe and North America. We are one of Workday's most respected partners, experienced in complex deployment and trusted by our customers to launch, test, expand, and support their Workday systems.
· Workday Products develops products that complement Workday. Our Smart product suite, including Smart Test (for automated testing), Smart Audit (for compliance monitoring), and Smart Shield (for data masking), are used by more than 350 customers globally to safeguard their Workday systems.
Our people are central to our success. We employ more than 2,900 people in 22 countries across Europe and the Americas.
We are listed on the London Stock Exchange (LSE: KNOS) and you can discover more about us at www.kainos.com.