28 September 2018
PHSC PLC
Sale of
Property
PHSC plc (“PHSC” or “the Group”), a leading provider of health,
safety, hygiene and environmental consultancy services and security
solutions to the public and private sectors, is pleased to announce
that it has now exchanged contracts with GMP Holdings Limited for
the sale of its Essex property for £305,000 in cash. The
property was previously occupied by the Company’s now discontinued
asbestos consultancy business, Adamson’s Laboratory Services
Limited, and was not required for the Group’s other operations
.
After legal costs and agent’s fees, we anticipate that there
will be net cash proceeds of £290,000 to the Group from the sale
which will be used for general working capital purposes. The
net proceeds will also strengthen our overall cash position and
allow us to seek to reduce the size of our banking facility with
HSBC from £3000,000 to £150,000 when it is renewed in November
2018. The book value of the property as at 31 March 2018 was £134,631.
The sale is expected to complete today.
For further information please
contact:
PHSC plc
Stephen King
Stephen.king@phsc.co.uk
www.phsc.plc.uk |
01622 717 700 |
Strand Hanson
Limited (Nominated Adviser)
Richard Tulloch/Frederick Twist |
020 7409 3494 |
Novum Securities
Limited (Broker)
Colin Rowbury |
020 7399 9427 |
About PHSC
PHSC plc, through its trading subsidiaries Personnel Health
& Safety Consultants Ltd, RSA Environmental Health Ltd, QCS
International Ltd, Inspection Services (UK) Ltd and Quality Leisure
Management Ltd, provides a range of health, safety, hygiene,
environmental and quality systems consultancy and training services
to organisations across the UK. B2BSG Systems Ltd offer innovative
security solutions including tagging, labelling and CCTV.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").