Business
Acquisition of property
Acquisition of property.
About this update from Celebrus Technologies Plc
[{"type":"text","content":"\n RNS Number : 5130Y IS Solutions PLC 04 September 2009 \n\n\nIS Solutions Plc\n\nStatement re Property Acquisition\n\nIS Solutions Plc ('IS Solutions' or 'the Company') has completed the purchase of Windmill House ('the property'), the premises used as the Company's headquarters in Sunbury on Thames. \n\nThe purchase price of the property was £2.1 million (plus stamp duty of £96,500) and has been funded by a 10 year mortgage of £1.6 million and £596,500 cash. \n\nThe Company has also taken a prudent approach towards the potential for significant interest rate increases over the life of the mortgage by securing an interest rate cap of 5% thereby protecting itself against any increase above this.\n\nThe Company has been renting the premises at a cost of £250,000 per annum and the Directors believe that the reduction in rental costs achieved by the purchase of the property will generate significant savings to the annual cash flow, which in turn will have a positive impact on the Company's level of profitability. \n\nWindmill House is a property of approximately 18,000 sq ft, of which IS Solutions currently occupies 12,000 sq ft (subletting 6,000 sq ft to two other companies not connected with IS Solutions) which will allow for substantial growth in the future.\n\n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\nJohn Lythall, Managing Director\n\n\nFiona Tooley/Keith Gabriel\n\n\n\n\nIS Solutions Plc\n\n\nCitigate Dewe Rogerson Ltd\n\n\n\n\nTel: +44 (0)1932 893333\n\n\nTel: +44 (0)121 362 4035\n\n\n\n\nwww.issolutions.co.uk\n\n\nMobile: +44 (0)7785 703523\n\n\n\n\n\n\n\n\n\n\n\n\nCharles Cunningham\n\n\n\n\n\n\n\nFinnCap\n\n\n\n\n\n\n\nTel: +44 (0)207 600 1658\n\n\n\n\n\n\n\nTicker: AIM: ISL\n\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END ACQEASNDEDFNEFE \n ","length":5671,"tagName":"div"}]