Topps Tiles PLC Sale & Leaseback (4530O)
01 Junio 2020 - 1:00AM
UK Regulatory
TIDMTPT
RNS Number : 4530O
Topps Tiles PLC
01 June 2020
1 June 2020
Topps Tiles Plc
("Topps Tiles", the "Group" or the "Company")
Sale and Leaseback of Head Office and Central Warehouse
Topps Tiles Plc, the UK's largest tile specialist, is pleased to
announce it has agreed the sale and leaseback of its head office
and central warehouse buildings (the "Properties") at Grove Park,
Enderby, Leicester, to UK Warehouse Properties Limited (the
"Sale").
The consideration for the Sale is GBP18.1 million (GBP17.9
million net of costs) and will be paid in cash on completion, which
is expected to take place in early June 2020. The consideration
represents a premium of approximately 29.3% to the balance sheet
asset value of the Properties of GBP14.0 million.
The proceeds from the Sale will further strengthen the Group's
financial position as it responds to the COVID-19 crisis.
Based on the Group's net debt position at 29 May 2020, at
completion of the Sale, the Group would have net debt of c. GBP7
million with c. GBP42 million of available liquidity (including the
credit approved CLBILS GBP10 million loan facility which the
Company announced on 19 May 2020 and which is due to be finalised
shortly).
In connection with the Sale, the Group has entered into leases
for the Properties for a 20 year period following completion, for
an annual rent of GBP1.2 million. Under IFRS 16, right of use
assets worth GBP15.7 million will be reflected on the Group's
balance sheet, along with associated lease liabilities of GBP15.7
million.
The Sale constitutes a Class 2 transaction under the Financial
Conduct Authority's Listing Rules.
-Ends-
Enquiries:
Topps Tiles Plc 0116 282 8000
Rob Parker, Chief Executive Officer
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith / Nick Hayns
A copy of this announcement can be found on our website
www.toppstilesplc.com
This announcement contains inside information within the meaning
of the Market Abuse Regulation. The person responsible for
arranging release of this announcement on behalf of Topps is Rob
Parker, Chief Executive Officer.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCZZGFKRMKGGZM
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June 01, 2020 02:00 ET (06:00 GMT)
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