PROPERTY ACQUISITION
Caffyns plc ("the Company") announces that it has exchanged contracts with Wilmington Homes Limited for the conditional purchase of a vacant freehold site at Northbrook College, Worthing, for £600,000 payable in cash on completion. Completion of the contract is conditional upon a satisfactory planning permission being granted to develop a new Volkswagen dealership, as well as certain other works being completed to satisfy planning obligations. This new facility will replace the current dealership in Goring-by-Sea, Sussex.
DISPOSAL OF BUSINESS
The Company has also exchanged contracts for the sale of its Volvo dealership in Hove, Sussex with Dinnages Garages Limited ("Dinnages"). This leasehold site also operates as a Ford retail dealer. The gross assets sold to Dinnages, comprising fixed assets and stocks, realised £417,000 payable in cash immediately.
The proceeds will be applied in reducing the Company's borrowings and for reinvestment in the Company's business.
2 August 2012
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
This information is provided by RNS