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26 Jan 2009 13:39
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26 JanuaryΒ 2009
TOWN CENTRE SECURITIES PLC
Re: Stylo plc
Town Centre SecuritiesΒ plc ("TCS" or "The Company"), the LeedsΒ based property investment and developmentΒ company,Β notes this morning's announcement by Stylo plc ("Stylo"), with whom it shares common directors (Edward andΒ MichaelΒ Ziff) and common shareholders (including Edward andΒ MichaelΒ ZiffΒ and Ziff family members).Β The Administrators of the principal trading subsidiaries of Stylo areΒ proposing Company Voluntary Arrangements ("CVAs") to the creditors of each of the subsidiaries in administration.
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TCS believes thatΒ CVAs represent an innovative and pioneering route to address the issues faced by many retailers in the currentΒ economicΒ environment. CVAs recognise the interests of all creditors, including landlords, in contrast to the "prepack" administrations which have been common in recent months.
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On a trading level the relationship between TCS and Stylo extends to only one store, in the Merrion Centre,Β Leeds, where TCS is the landlord and Stylo is the tenant. On the basis that TCS is in favour of a CVA in preference to a "prepack", it will consider the proposals in detail,Β but in principle expects to approve Stylo's CVA.
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-Β ENDS-
For further information, please contact:
Town Centre Securities PLC www.tcs-plc.com
Edward Ziff, Chairman and Chief Executive 0113 222 1234
Bob Bigley, Finance Director
Smithfield
Reg Hoare 0207 360 4900
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