31 May 2011 07:30
PROPERTY DISPOSAL
Caffyns plc ("the Company") announces that it has exchanged contracts with McCarthy & Stone Retirement Lifestyles Limited ("McCarthy & Stone") for the sale of its freehold site at Alton, Hampshire for £1.807 million conditional upon McCarthy & Stone obtaining a planning permission for change of use. If the planning application is successful and meets the conditions contained within the contract, completion will take place on 27 November 2012. The consideration is payable in cash and the proceeds will be applied in reducing the Company's borrowings. The net book value of the property is £521,000.
The site trades under the Ford franchise and it is intended that the business will be transferred to alternative premises.
31 May 2011
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
Caffyns (CFYN)