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31 Mar 2009 10:54
Regent Inns plc ("The Company")
Disposal of Brandasia Limited
The Company is pleased to announce that it has completed the disposal of Brandasia Limited to Paramijt Paul Singh Bassi and Pawan Kumar Kenth for a total consideration of £1 together with the repayment in cash of £255,000 of debt owed by Brandasia Limited to the Company. The business being disposed of comprises an Indian restaurant based in Birmingham. The net proceeds will be used to reduce debt.
In the 8 months to 28 February 2009, Brandasia Limited made a small loss and as at 27 December 2008 the book value of Brandasia Limited's net assets, excluding funding owing to the Company, cash at bank and certain other liabilities that will be settled by Company under the terms of the Sale and Purchase Agreement was £296,000.
Enquiries:
John Leslie, CEO
Mike Foster, CFO Tel: 020 8327 2560
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