16 Dec 2015 07:00
16 December 2015
Rotala plc
("Rotala" or "the Company")
Sale and Acquisition of Property
The Company is pleased to announce the following developments in the property holdings of the Rotala group.
Following a review of depot capacities and locations the board decided to dispose of the Company's 4 acre depot in Long Acre, Birmingham, since it was concluded from the review that the depot was surplus to requirements. This sale, to WPD Property Investments Limited, has now been completed at a price of £2.5 million. The consideration approximates to the net book value of the property.
At the same time the Company has taken advantage of the opportunity to acquire a 3 acre site adjacent to its existing main depot in Oldbury, West Midlands for a price of £380,000. This acquisition gives the group a combined 6.7 acre site for its bus operations in this part of the West Midlands. The Company will over the next year invest a further £600,000 in upgrading the capabilities of the enlarged site.
The net proceeds of these transactions will be used to reduce borrowings.
For further information please contact:
Rotala Plc | |
John Gunn, Chairman | 020 7602 7500 |
Simon Dunn, Chief Executive | 07825 808 525 |
Kim Taylor, Group Finance Director | 07825 808 529 |
Numis Securities Limited | 020 7260 1000 |
David Poutney (Corporate Broker); Stuart Skinner/Richard Thomas (Nominated Adviser) |