Business
Sale of Property
Sale of Property.
About this update from Robinson Plc
[{"type":"text","content":"\n\n\nRobinson plc \n31 May 2023\n \nSALE OF PROPERTY\nRobinson plc (\"Robinson\", the \"Company\" or the \"Group\"; stock code: RBN), the custom manufacturer of plastic and paperboard packaging, is pleased to provide a property update.\nThe Company is pleased to announce a sale of part of the Walton Works surplus property in Chesterfield, known as \"Mill Lane\" (the \"Property\"). The Property has been sold to Peppermint Grove Ltd with exchange and completion having occurred on 30 May 2023.\nThe majority of the Property is vacant with a small part let to third parties. The consideration payable is £700,000 in cash and these monies will be used by the Company to reduce current bank debt. The Property currently attracts annual rental income of £12,000 and the book value was £642,000 at 31 December 2022.\nFollowing the sale of the Property, the Directors estimate that the market value of the remaining surplus properties held by the Group is approximately £7,400,000.\nSubject to the necessary planning approvals, we would expect further sales of surplus property in Chesterfield to be achieved in the next 12 months. The intention of the Group remains, over time, to realise value from the disposal of surplus properties and to reinvest the proceeds in developing our packaging business.\n\n\n\nRobinson plc\n\n\nwww.robinsonpackaging.com\n\n\n\n\nHelene Roberts, CEO\nMike Cusick, Finance Director\n\n\nTel: 01246 389280\n\n\n\n\n\n\n\n\n\n\n\n\nfinnCap Limited\n\n\n\n\n\n\n\nEd Frisby / Seamus Fricker, Corporate Finance\nTim Redfern / Barney Hayward, ECM\n\n\nTel: 020 7220 0500\n\n\n\n \nAbout Robinson:\n \nBeing a purpose-led business, Robinson specialises in custom packaging with technical and value-added solutions for food and consumer product hygiene, safety, protection, and convenience; going above and beyond to create a sustainable future for our people and our planet. Its main activity is in injection and blow moulded plastic packaging and rigid paperboard luxury packaging, operatin...