Disposal

29 Jun 2007 16:07

Pittards PLC29 June 2007 Pittards plc Pittards Plc, producers of technically advanced leather for many of the world'sleading brands of gloves, shoes, luxury leathergoods and sports equipment,announces that it has today exchanged contracts for the sale and leaseback ofits principal operating site in Yeovil. The Company has sold the site for £3.1million, payable in cash on completion andhas agreed to enter into a lease for a term of 10 years at an initial annualrent of £254,000 pa. Pittards will benefit from a rent free period of 6 months. The sale of the property realised a profit over net book value of £0.49millionbefore transaction costs. The net proceeds will be applied to repay the loanplus accrued interest due to the Trustees of the Pittards pension schemes. Theloan is secured on the Yeovil property as part of the agreement reached with theBoard of the Pension Protection Fund in early 2006. Enquiries: Stephen Boyd, Chairman, Pittards Plc Tel: 01935 474 321 John Wakefield, Director, Blue Oar Securities Plc Tel: 0117 933 0020 This information is provided by RNS The company news service from the London Stock Exchange