Last checked at 31 Aug 2011 07:02
FOR IMMEDIATE RELEASE
31 August 2011 LONDON & ASSOCIATED PROPERTIES PLC: HALF YEARLY RESULTS TO 30 JUNE 2011
London & Associated Properties is a fully listed UK shopping centre and Central London retail property specialist.
HIGHLIGHTS * Rental Income reaches £9.0 million despite property sales
* Pre-tax profits of £1.4 million compared to losses of £9.8 million last
year * Earnings per share of 1.62p compared to a loss per share of 7.23p * Interim cash dividend maintained at 0.75p per share to be paid on 20 January 2012 * First joint venture with Columbus Capital Management completed
* Average weighted unexpired lease terms now 8.6 years compared to 7.0 years
a year ago * Voids only 1.7% of rent roll * Further reduction in swaps at a cost of £0.9 million with incremental annual interest rate savings of £0.2million "The continuing economic uncertainty in the markets and its effect on the UKconsumer will continue to have an impact on retail property in general.However, we still believe that success will be dependent on location,affordability of rents and attractiveness of individual centres. The company iswell positioned given the increase in the average lease length within ourportfolio, the investment into our new joint venture and our active managementcapabilities. We remain cautiously optimistic for the future."Michael Heller, Chairman. -more- Contact:
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chief Executive or
Robert Corry, Finance Director
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips
HALF YEAR REVIEW
While the economic environment remains challenging I am pleased to report that London & Associated Properties continues to make progress. Our performance during the first half of 2011 was satisfactory against an increasingly difficult retailing climate and our vacancy levels are encouragingly low.
LAP's income for the first six months rose to £9.0 million from £8.6 million.On a like for like basis rental income was up 0.6% after eliminating thedistortions arising from the sale of Antiquarius in the first half of lastyear; the reverse premium received this year from Boots at Windsor; and theletting at Brixton to In-Shops which had a marginal adverse impact on rentalincome this year.Our current portfolio still has very few vacancies. Void units as a percentageof our rental income are only 1.7%. Over the last 12 months we have completedlease renewals with a combined rental value of £0.36 million.
In the total portfolio the average weighted unexpired lease term is 8.6 years compared to 7.0 years 12 months ago, a satisfactory increase in the current market conditions.
In terms of the group's hedging arrangements we have brought them more intoline with the outstanding loans. The swaps were further reduced during theperiod, at a cost of £920,000, with an incremental annual saving in interestpayments of £197,000 per annum. The current level of hedging is now £120.4million at an average rate of 4.735% against term loans of £115.1 million,compared to £124.4 million a year ago.The group made a profit before taxation in the first six months of £1.4 millioncompared to a loss of £9.8 million. The board has taken the decision tomaintain the interim dividend at the same level as last year of 0.75p per sharepayable on 20 January 2012 to shareholders on the register at 23 December 2011.
The groups' net assets under European Real Estate Association (EPRA), as used by most property companies, stood at £71.1 million compared to £72.2 million.
Overheads in the period are lower following the offsetting of £0.3 million ofmanagement fees received by London & Associated Management Services (LAMS our wholly owned subsidiary) for work carried out on the Sapphire portfolio. This is net of all expenses and deductions.In June we completed our first joint venture with Columbus Capital ManagementLLP (Columbus), part of Schroders' real estate investment and asset managementbusiness, and acquired Langney District Shopping Centre, Eastbourne. Itconsists of a 130,000 sq. ft district shopping centre on a 12 acre site whichis situated in a large residential area to the north of the town centre.The freehold centre is anchored by a Tesco supermarket and other tenantsinclude Peacocks, Boots, Iceland, Barclays Bank, Ladbrokes, Domino's and FamilyBargains. The average passing rent is currently about £30 per square foot ZoneA. There is an existing planning consent to extend the centre by 75,000 sq. ftto provide new retail and leisure accommodation. We are developing a number ofasset management opportunities for this centre, and hope to be able to reporton them in the near future.
LAP owns 12.5% of the equity in the joint venture for a £889,000 investment. Our associated company Bisichi Mining owns a further 12.5% of the equity. LAMS will manage the shopping centre for an ongoing fee, and it will earn a
profit share which will be received, subject to meeting certain criteria, when we ultimately dispose of the property.
Columbus is a successful and established real estate investor with many jointventures. We are excited to have teamed up with them on this project, and hopeto carry out further joint ventures with them in the future.
Windsor
During the first half, we concluded a letting to Pret a Manger for a new PretCaf© concept. As previously reported, the rent is £87,500 per annum compared to£72,000 per annum previously. We also carried out a letting to Temptation Giftsat £85,000 per annum compared to £82,600 per annum previously. Temptation Giftswere online gift retailer of the year 2009, 2010 and 2011, and this is their5th shop. The remainder of the centre is fully let with the exception of 1 unitwhich is under offer with imminent completion.Redevelopment of the former Boots unit continues to progress satisfactorily. Weare dividing up the unit to create 3 units. The first unit of 1200 sq ft is onthe ground floor with 6,000 sq ft on the first floor, which has been pre-let toCotswold Outdoor, the outdoor clothing and equipment retailer, at £120,000 perannum. The second unit faces on to Peascod Street and an agreement for leasefor this unit is about to be signed with a quality fashion retailer. We aredeliberately holding back the final unit to commence marketing following thesuccessful letting of the first 2 units. We will commence marketing of theremaining unit in the second half of the year.
Other centres
We have also completed a number of successful lease renewals at Kings Square,West Bromwich in the last 12 months. These renewals account for 23% of therental income of the centre, and increase the average weighted unexpired leaseterms to 4.4 years from 3.8 years.
At Orchard Square, Sheffield, the Centre has remained fully let during the first 6 months and continues to trade well.
Following the letting of the whole of Brixton to Groupe Geraud, Brixtoncontinues to trade well. The market remains fully let with 16 traders on thewaiting list, so it should be showing a growth in income payable to LAP in thefuture.LAMS has been appointed by Grant Thornton to manage further retail assets forfees. A project, in Ealing, has only just commenced so I will report more fullyin the future.The continuing economic uncertainty in the markets and its effect on the UKconsumer will continue to have an impact on retail property in general. Howeverwe still believe that success will be dependent on location, affordability ofrents and attractiveness of individual centres. The company is well positionedgiven the increase in the average lease length within our portfolio, theinvestment into our new joint venture and our active management capabilities.We remain cautiously optimistic for the future.Michael Heller John HellerChairman Chief Executive30 August 2011Consolidated income statementfor the six months ended 30 June 2011 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) Notes £'000 £'000 £'000 Gross rental income
Group and share of joint ventures 9,026 8,571
16,503
Less: joint ventures - share of
rental income (274) (258) (518) Revenue 8,752 8,313 15,985 Direct property expenses (858) (970) (1,839) Overheads (1,226) (1,601) (3,780) Property overheads (2,084) (2,571) (5,619) Net rental income 1 6,668 5,742 10,366
Listed investments held for trading 1 11 3
43
Profit on sale of investment properties - -
637
Net increase on revaluation of investment - -
1,569properties
Net increase/(decrease) in value of
investments 21 (18) 89held for trading Operating profit 1 6,700 5,727 12,704
Share of profit/(loss) of joint ventures 56 (7)
(233)after tax
Share of loss of associate after tax (388) (69)
(505)
Profit before interest and taxation 6,368 5,651
11,966 Interest rate derivatives 6 1,763 (8,481) (7,280) Interest rate derivatives break costs 6 (920) (1,000) (3,515) Finance income 2 15 40 64 Finance expenses 2 (5,789) (6,018) (11,922) Profit/(loss) before taxation 1,437 (9,808) (10,687) Income tax 3 (76) 3,920 7,192
Profit/(loss) for the period attributable to the 1,361 (5,888)
(3,495)
equity shareholders of the company Basic earnings/(loss) per share 4 1.62p (7.23)p
(4.24)p
Diluted earnings/(loss) per share 4 1.62p (7.23)p
(4.24)p
The above revenue and operating result relate to continuing operations in the United Kingdom.
Consolidated income statement analysisfor the six months ended 30 June 2011 30 June 2011 30 June 2010 31 December 2010 per per per Non-cash income Non- income Non- income Cash items statement Cash cash statement Cash cash statement items (unaudited) items items (unaudited) items items (audited) £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net rental income 6,668 - 6,668 5,742 - 5,742 10,366 - 10,366 Income and gains on investments held for trading 11 - 11 3 - 3 43 - 43 Profit on sale of investment properties - - - - - - 637 - 637 Net change of revaluation of - - - - - - - 1,569 1,569investment properties Net increase / (decrease) in value of investments - 21 21 - (18) (18) - 89 89held for trading Operating profit/ 6,679 21 6,700 5,745 (18) 5,727 11,046 1,658 12,704(loss) Share of joint ventures 44 (376) (332) 44 (120) (76) 173 (911) (738)and associates Interest rate - 1,763 1,763 - (8,481) (8,481) - (7,280) (7,280)derivatives (valuation movements) Net (5,774) - (5,774) (5,978) - (5,978) (11,858) - (11,858)interest Profit/ (loss) before taxation and exceptional 949 1,408 2,357 (189) (8,619) (8,808) (639) (6,533) (7,172)items Interest rate derivatives (920) - (920) (1,000) - (1,000) (3,515) - (3,515)break costs Profit/ (loss) before 29 1,408 1,437 (1,189) (8,619) (9,808) (4,154) (6,533) (10,687)taxation
Consolidated statement of comprehensive income for the six months ended 30 June 2011
30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Profit/(loss) for the period 1,361 (5,888) (3,495) Other comprehensive income
Currency translation in associate (66) 105
314
Other comprehensive income for the period (66) 105
314
Total comprehensive income for the period 1,295 (5,783)
(3,181)
attributable to owners of the parent
Consolidated balance sheetat 30 June 2011 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) Notes £'000 £'000 £'000 Non-current assets Market value of properties attributable to group 194,985 210,442 194,946 Present value of head leases 28,664 29,480 28,664 Property 5 223,649 239,922 223,610 Plant and equipment 573 711 612 Investments in joint ventures 2,106 1,389
1,163
Investments in associated company 6,859 7,908 7,483 Held to maturity investments 2,077 1,985 1,946 235,264 251,915 234,814 Current assets Trade and other receivables 4,799 4,927 4,092
Financial assets-investments held
for trading 738 696 717 Cash and cash equivalents 7,351 6,214 8,584 12,888 11,837 13,393 Total assets 248,152 263,752 248,207 Current liabilities Trade and other payables (10,065) (10,489) (10,022) Financial liabilities -borrowings (4,653) (6,802) (3,863) Current tax liabilities - (741) - (14,718) (18,032) (13,885) Non-current liabilities Financial liabilities -borrowings (136,389) (145,522) (136,206) Interest rate derivatives 6 (11,864) (14,828) (13,627)
Present value of head leases on
properties (28,664) (29,480) (28,664) Deferred tax (141) (2,586) (64) (177,058) (192,416) (178,561) Total liabilities (191,776) (210,448) (192,446) Net assets 56,376 53,304 55,761 Equity attributable to equity shareholders of the company Share capital 8,554 8,392 8,554 Share premium account 4,866 5,042 4,866
Translation reserve in associate (36) (179)
30 Capital redemption reserve 47 47 47 Retained earnings (excluding treasury shares) 44,307 42,270 44,342 Treasury shares (1,362) (2,268) (2,078) Retained earnings 42,945 40,002 42,264 Total shareholders' equity 56,376 53,304 55,761 Net assets per share 7 66.91p 65.17p 66.71p Diluted net assets per share 7 66.88p 65.15p 66.69p
Consolidated statement of changes in shareholders' equity for the six months ended 30 June 2011
Retained Earnings Retained Earnings Share Share Translation Capital Treasury ex: Total redemption treasury capital premium reserve reserve Shares shares equity £'000 £'000 £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2010 8,392 5,042 (284) 47 (4,558) 50,465 59,104 Loss for the period - - - - - (5,888) (5,888) Other comprehensive income: Currency translation in - - 105 - - - 105associate Total other comprehensive - - 105 - - - 105income Total comprehensive - - 105 - - (5,888) (5,783)income Transactions with owners: Equity share options in - - - - - - -associate Disposal of own - - - - 907 - 907shares Loss on transfer of own - - - - 1,383 (1,383) -shares Dividends paid - - - - - (924) (924) Transactions with - - - - 2,290 (2,307) (17)owners Balance at 30 June 2010(unaudited) 8,392 5,042 (179) 47 (2,268) 42,270 53,304 Balance at 1 8,392 5,042 (284) 47 (4,558) 50,465 59,104January 2010 Loss for the year - - - - - (3,495) (3,495) Other comprehensive income: Currency - - 314 - - - 314translation in associate Total other comprehensive - - 314 - - - 314income Total comprehensive income - - 314 - - (3,495) (3,181) Transactions with owners: Equity share options in - - - - - 2 2associate Minority interest on share - - - - - (199) (199)disposal in associate Issue of own shares and 162 (176) - - - - (14)expenses Disposal of own - - - - 973 - 973shares Loss on disposal of own - - - - 1,507 (1,507) -shares Dividends paid - - - - - (924) (924) Transactions with 162 (176) - - 2,480 (2,628) (162)owners Balance at 31 December 8,554 4,866 30 47 (2,078) 44,342 55,7612010 (audited) Balance at 1 January 2011 8,554 4,866 30 47 (2,078) 44,342 55,761 Profit for the - - - - - 1,361 1,361period Other comprehensive income: Currency translation in - - (66) - - - (66)associate Total other comprehensive - - (66) - - - (66)income Total comprehensive - - (66) - - 1,361 1,295income Transactions with owners: Equity share options in - - - - - 3 3associate Disposal of own - - - - 281 - 281shares Loss on transfer of own - - - - 435 (435) -shares Dividends paid - - - - - (964) (964) Transactions with - - - - 716 (1,396) (680)owners Balance at 30 June 2011 8,554 4,866 (36) 47 (1,362) 44,307 56,376(unaudited)
All of the above are attributable to the owners of the parent.
Consolidated cash flow statementfor the six months ended 30 June 2011 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities Profit before interest and taxation 6,368 5,651 11,966 Depreciation 81 105 197
Loss/(profit) on disposal of non-current 7 (8)
(3)assets Profit on sale of investment properties - -
(637)
Net increase on revaluation of investment - - (1,569)properties
Share of loss of joint ventures and 332 76
738associate after tax
Net (increase)/decrease in value of
investments held for (21) 18 (89)trading Increase in net current assets (976) (1,755)
(1,019)
Cash generated from operations 5,791 4,087 9,584 Income tax repaid - 111 111 Cash inflows from operating activities 5,791 4,198 9,695 Investing activities
Investment in loan stock in joint ventures (131) (180) (141)
Investment in shares in joint ventures (889) -
-
Property acquisitions and improvements 61 (714) (754) Sale of properties - 3,736 21,302 Purchase of office equipment and motor (69) (76) (78)cars
Sale of office equipment and motor cars 23 84
86 Interest received 15 40 64 Dividends received 44 44 173 Cash (outflows)/inflows from investing (946) 2,934 20,652activities Financing activities Issue expenses - - (14) Sale of treasury shares 281 907 973 Equity dividends paid (627) (597) (924) Interest paid (6,522) (7,144) (15,525) Repayment of medium term bank loan - (2,325)
(11,575)
Cash outflows from financing activities (6,868) (9,159) (27,065)
Net (decrease)/increase in cash and cash
equivalents (2,023) (2,027) 3,282 Cash and cash equivalents at beginning of 4,721 1,439 1,439period Cash and cash equivalents at end of period 2,698 (588) 4,721 Cash and cash equivalents For the purpose of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts: 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Cash and cash equivalents 7,351 6,214 8,584 Bank overdraft (4,653) (6,802) (3,863)
Cash and cash equivalents at end of period 2,698 (588) 4,721
£0.6 million of cash deposits at 31 December 2009 was charged as security to Axa Annuity Company. This was released in 2010.
Notes to the half year reportfor the six months ended 30 June 20111. Segmental analysis 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net rental income (property) 6,668 5,742 10,366
Other income (listed investments) 11 3
43 Segment result Property 6,668 5,742 12,572 Listed investments 32 (15) 132 6,700 5,727 12,704 Operating profit/(loss) Property 6,668 5,742 12,572 Listed investments 32 (15) 132 6,700 5,727 12,704 2. Finance costs 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Finance income 15 40 64 Finance expenses: Interest on bank loans and overdrafts (1,219) (982) (2,164) Other loans (1,052) (1,052) (2,134) Interest on derivatives adjustment (2,475) (2,886)
(5,575)
Interest on obligations under finance (1,043) (1,067) (2,049)leases Other interest - (31) - Total borrowing costs (5,789) (6,018) (11,922)3. Income tax 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Current tax - (111) (861) Deferred tax 76 (3,809) (6,331) 76 (3,920) (7,192)
Notes to the half year report continued
4. Earnings/(loss) per share 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) Group profit/(loss) after tax 1,361 (5,888) (3,495)(£'000)
Weighted average number of shares in
issue for the period ('000) 84,067 81,478 82,389
Basic earnings/(loss) per share 1.62p (7.23)p (4.24)p Diluted number of shares in issue 84,067 81,478 82,389 ('000) Fully diluted earnings/(loss) per 1.62p (7.23)p (4.24)p
share 5. Property
Properties at 30 June 2011 are included at valuation as at 31 December 2010, plus additions in the period.
During the six months ended 30 June 2011 the group had property additions of £ 0.039 million (30 June 2010: £0.554 million,
31 December 2010: £0.489 million).
No properties were sold during the six months ended 30 June 2011 (carrying value sold 30 June 2010: £3.7 million, 31 December 2010: £20.7 million).
6. Interest rate derivatives
The directors have estimated the financial effect of the fair value to thebusiness of the hedging instruments. This has been calculated as the NetPresent Value of the difference between the 17 year interest rate, which was3.93 per cent at 30 June 2011 against the rate payable under the specifichedge. This has given a liability at 30 June 2011 of £11,864,000 as shown inthe balance sheet. The banks own initial quotations at 30 June 2011 to closeeach of the hedges were £14,330,000.Under IAS 39 the hedges are not deemed to be eligible for hedge accounting andany movement in the value of the hedges is charged directly to the consolidatedincome statement. The banks have an option to cancel the hedges in November2014 and January 2015. The cost to the group to exit the instruments beforeNovember 2014 and January 2015 has been attributed a cost by the bank of £5,524,000. It is not the intention of the Directors to exit these instrumentsand this cost has not been recognised.The company reduced the total amount hedged by £5,000,000 in the six months tobring it nearer into line with the actual borrowings outstanding. The cost ofthis reduction was £920,000 and it has been included in the income statementfor the period.7. Net assets per share 30 June 30 June 31 December 2011 2010 2010 (unaudited) (unaudited) (audited) Shares in issue ('000) 84,260 81,786 83,585 Net assets per balance sheet (£'000) 56,376 53,304 55,761 Basic net assets per share 66.91p 65.17p 66.71p Shares in issue diluted by outstanding 84,330 81,856 83,655share options ('000) Net assets after issue of share 56,404 53,332 55,789options (£'000)
Fully diluted net assets per share 66.88p 65.15p 66.69p
8. Related party transactions
The related parties and the nature of costs recharged are as disclosed in thegroup's annual financial statements for the year ended 31 December 2010. Thegroup has management fees receivable of £137,000 (30 June 2010: £150,000, 31December 2010: £275,000) from Bisichi Mining PLC, an associated company.During the period the group paid £220,000 for Analytical Ventures Limited's (ajoint venture) loan stock, at par and repaid £89,000, increasing the loan stockheld to £2,072,000 at 30 June 2011.
During the period the group paid £889,000 for 12.5% share of investment in Langney Shopping Centre Unit Trust, a new joint venture.
Notes to the half year report continued
9. Capital commitments
The group had no contractual capital commitments as at 30 June 2011 (30 June 2010: £nil, 31 December 2010: £nil).
10. Dividends
The interim dividend payable on 20 January 2012 of 0.75p per share (30 June2010: 0.75p per share) would amount to £632k (30 June 2010: £627k). The finaldividend in respect of 2010 of 0.40p per share, amounting to £337k, was paid on1 July 2011. As the 2010 final dividend was approved by the shareholders at theAnnual General Meeting held on 6 June 2011, it is included as a liability inthese interim financial statements.
11. Risks and Uncertainties
The group's principal risks and uncertainties are reported on page 26 in the 2010 Annual Report. They have been reviewed by the Directors and remain unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial statements is in respect of the valuation of investment properties (which are not revalued at the half year ) and the valuation of interest rate derivatives.
12. Financial information
The above financial information does not constitute statutory accounts withinthe meaning of section 434 of the Companies Act 2006. The figures for the yearended 31 December 2010 are based upon the latest statutory accounts, which havebeen delivered to the Registrar of Companies; the report of the auditor's onthose accounts was unqualified and did not contain a statement under Section498(2) or (3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's Financial Services Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' as adopted by the European Union and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the company's auditor.
The annual financial statements of London & Associated Properties PLC are prepared in accordance with IFRS as adopted by the European Union. The same accounting policies are used for the six months ended 30 June 2011 as were used for the year ended 31 December 2010.
The assessment of new standards, amendments and interpretations issued but noteffective, is that these are not anticipated to have a material impact on thefinancial statements.There is no material seasonal impact on the group's financial performance.
Taxes on income in the interim periods are accrued using tax rates expected to be applicable to total annual earnings.
The interim financial statements have been prepared on the going concern basisas the Directors are satisfied the group has adequate resources to continue inoperational existence for the foreseeable future.
13. Board approval
The half year results were approved by the Board of London & Associated Properties PLC on 30 August 2011.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements have been prepared in accordancewith applicable accounting standards and IAS 34 Interim Financial Reporting asadopted by the EU;
(b) the interim management report includes a fair review of the information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication ofimportant events that have occurred during the first six months of thefinancial year and their impact on the condensed set of financial statements ;and a description of the principal risks and uncertainties for the remainingsix months of the year; and(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related partytransactions that have taken place in the first six months of the currentfinancial year and that have materially affected the financial position orperformance of the entity during that period; and any changes in the relatedparty transactions described in the last annual report that could do so.
Signed on behalf of the Board on 30 August 2011
Michael Heller Robert CorryDirector DirectorDirectors and advisors Directors Executive directors * Michael A Heller MA FCA (Chairman) John A Heller LLB MBA (Chief Executive) Robert J Corry BA FCA (Finance Director) Non-executive directors †Howard D Goldring BSC (ECON) ACA #†Clive A Parritt FCA CF FIIA * Member of the nomination committee # Senior independent director †Member of the audit, remuneration and nomination committees. Secretary & registered office Heather A Curtis ACIS Carlton House, 22a St James's Square, London SW1Y 4JH Director of property Mike J Dignan FRICS Registrars & transfer office Capita Registrars The Registry, 34 Beckenham Road Beckenham, Kent BR3 4TU Telephone 0871 664 0300 (Calls cost 10p per minute + network extras)
or +44 208 639 3399 for overseas callers
Website: www.capitaregistrars.com
E-mail: ssd@capitaregistrars.com
Company registration number 341829 (England and Wales) Website www.lap.co.uk E-mail admin@lap.co.uk