Business
Leases of Premises
Leases of Premises.
About this update from Warpaint London Plc
[{"type":"text","content":"\n\n9 August 2023\n \nWarpaint London PLC\n \n(\"Warpaint\", the \"Company\" or the \"Group\")\n \nLeases of premises at The Ridgeway Trading Estate, Iver\n \n \nWarpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, announces that it has entered into two new leases relating to the premises at Units A and E, at The Ridgeway Trading Estate, Iver, Buckinghamshire through to August 2026. The Iver site is the location of the Group's head office and principal southern hub for the Group's W7 business, and comprises office, showroom and warehouse space.\n \nTerms of the lease agreements for Units A and E\n \nTwo new lease agreements have been entered into between Warpaint Cosmetics Limited (a private company, which is not part of the Group, being the owner and landlord) and Warpaint Cosmetics (2014) Limited (a subsidiary of the Company and part of the Group, being the lessee) in relation to the two Units A and E (the \"Iver Lease Agreements\"). The annual rent for Unit A is £138,000 and for Unit E, £110,250, in each case plus property and rent insurance expenses. The expiry date for both new leases is 2 August 2026, making these coterminous with the existing leases of the other Units (B, C and D) currently occupied by the Group at The Ridgeway Trading Estate, Iver.\nThe Iver Lease Agreement for Unit A commences on 8 August 2023. Unit A comprises 11,184 sq ft of warehouse and office space and the entry into this lease allows the majority of the W7 warehouse, office and showroom operations to be consolidated onto one site. The Group has been in occupation of Unit E since September 2020, initially under an informal arrangement with Warpaint Cosmetics Limited, with the Iver Lease Agreement of Unit E commencing with effect from 6 October 2021. The Group has been accruing assumed rent for Unit E since 1 September 2020 at a level consistent with the terms of the lease that has now been agreed. Unit E comprises 9,000 sq ft of office space.\nThe new leases mean that the Group now occupies the entirety of units A to E at The Ridgeway Trading Estate, enabling its head office, southern operations and the majority of the W7 warehousing to be housed in one location, considerably improving the Group's logistics.\nRelated Party Transaction\nThe entering int...