22 Mar 2011 08:53
PROPERTY DISPOSAL
Caffyns plc ("the Company") announces that it has exchanged contracts with Shell Trust (UK Property) Limited ("Shell") for the sale of its vacant freehold site at Preston Road, Brighton for £2.8 million conditional upon a lease being granted by the Company to Sainsbury's Supermarkets Limited ("Sainsbury's") by 20 June 2011. The granting of a lease to Sainsbury's is conditional upon an appropriate planning approval being granted for change of use. A planning application was submitted to Brighton and Hove City Council on 11 February 2011. In the event that the contract with Shell becomes unconditional, the gain on sale will be approximately £2.1m. The consideration is payable in cash eight working days after completion of the lease.
The proceeds will be applied in reducing the Company's borrowings.
22 March 2011
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
Caffyns (CFYN)