6 Apr 2011 07:30
RNS Number : 3605E
Caffyns PLC
06 April 2011
PROPERTY DISPOSAL
Caffyns plc ("the Company") announces that it has exchanged contracts with TE Beteiligungs GmbH for the sale of its freehold site at Sevenoaks, Kent for £1.75 million. This site has traded as a Peugeot franchise but will cease trading by 31 May 2011 at the end of the current contract term with Peugeot. The net gain on sale and after closure costs is expected to be approximately £150,000. The consideration is payable in cash on 31 May 2011.
The proceeds will be applied in reducing the Company's borrowings and for reinvestment in the company's business.
6th April 2011
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
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Caffyns (CFYN)