Business
Trading Update and Notice of Results
Trading Update and Notice of Results.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8581R\n Town Centre Securities PLC\n 10 November 2021\n \n \n \n 10 November 2021\n Town Centre Securities PLC\n ('The Company' or 'TCS')\n \n Trading Update\n Notice of Results\n Reassuring collection level in latest quarter, back to pre-pandemic levels\n Town Centre Securities Plc, the Leeds, Manchester, Glasgow and London property investment, development and car park operator, today provides an update on the property valuation to 30 June 2021, rent collections, a property disposal and Full Year results timing.\n \n 30 June 2021 Valuation\n \n The Company is pleased to announce that the external valuation of TCS's property portfolio as at 30 June 2021 has been completed, and on a like for like basis has shown a marginal increase of 0.3% over the 30 June 2020 valuation.\n \n Rent Collections\n \n Collected and deferred rent receipts for the current quarter stand at 99% of the total due, which is back to pre-pandemic levels.\n \n \n \n \n \n \n \n \n \n March 2020 - September 2021\n \n *\n \n \n \n \n %\n \n \n \n Latest Quarter\n \n **\n \n \n \n \n %\n \n \n Cumulative\n \n \n %\n \n \n \n \n Total billed\n \n \n £36.4m\n \n \n \n \n \n £4.8m\n \n \n \n \n \n £41.2m\n \n \n \n \n \n \n \n Total collected\n \n \n £33.5m\n \n \n 92%\n \n \n £4.6m\n \n \n 96%\n \n \n £38.1m\n \n \n 92%\n \n \n \n \n \n Agreed to be deferred\n \n ***\n \n \n \n \n £0.3m\n \n \n 1%\n \n \n £0.1m\n \n \n 3%\n \n \n £0.4m\n \n \n 1%\n \n \n \n \n Agreed total\n \n \n £33.8m\n \n \n 93%\n \n \n £4.7m\n \n \n 99%\n \n \n £38.5m\n \n \n 93%\n \n \n \n \n \n *English & Scottish quarters, and monthly billings (collections from 25 March 2020 to date)\n \n \n **English quarter only (collections due on 29 September 2021 and 1 October 2021)\n \n \n *** Agreed to be deferred and still outstanding\n \n \n \n · Therefore, since 25 March 2020, of the £41.2m cumulative rent and service charge payments that have fallen due and subsequently billed, we have collected £38.1m and agreed to defer a further £0.4m, totalling £38.5m; equivalent to 93% of the amounts due throughout the entire COVID-19 period.\n \n · Of the £2.7m balance remaining:\n \n o We have agreed to concessions totalling over £2.1m of this outstanding amount which will not be collected, mostly in...