Business
Property Purchase Completed
Property Purchase Completed.
About this update from Character Group Plc
[{"type":"text","content":"\n \nRNS Number : 0209L Character Group PLC 26 July 2011 \n \n\n \nIssued by Citigate Dewe Rogerson, Birmingham\nDate: Tuesday, 26 July 2011\n \n \n \n \n \n \nThe Character Group plc\ndesigners, developers and international distributors of toys, games and gifts\n \nProperty Purchase completed\n \n \n \nAs indicated in the Group's Interim Results announced in April 2011, The Character Group plc ('Company' or the 'Group') has, via one of its subsidiaries, purchased the freehold interest in Vernon Mill, High Barn Street, Royton, Oldham, Lancashire (the \"Property\") for £1.7m paid in cash. Completion took place on Friday 22 July 2011. An additional payment will be made to the seller if the Property is sold with the benefit of planning permission within 15 years of completion and the price achieved exceeds £2.2m plus various associated costs incurred by the Group.\n \nThe Board believes that the acquisition of the 325,000 sq ft Property secures the opportunity for expansion of the Group's principal trading operation without disruption or relocation.\n \nLees Brook Mill, Lees, Oldham which is owned by the Group, continues to provide the central logistical facility, whilst Vernon Mill, which is already occupied by the Group, provides additional facilities required for both existing operations and future expansion.\n \nThe Board believes that the purchase of this Property, which occupies a 5.5 acre site, represents a sound investment for the Group. \n \n \n \n \n \n \n \n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\n\n\n\nRichard King, Chairman\n\n\n\n\n\nRussell Cook \n\n\n\n\nKiran Shah, Group Finance Director & Joint MD\n\n\nFiona Tooley\n\n\nCarl Holmes\n\n\n\n\nThe Character Group plc\n\n\nCitigate Dewe Rogerson\n\n\nCharles Stanley Securities\n\n\n\n\nTel: +44 (0)208 329 3377\n\n\nTel: +44 (0)121 362 4035\n\n\n(Nominated Adviser)\n\n\n\n\nwww.thecharacter.com\n\n\n\n\n\nTel: +44 (0)207 149 6000\n\n\n\n\nTicker: AIM: CCT\n\n\n\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBLGDRBGDBGBU \n ","length":6120,"tagName":"div"}]