Portmeirion Group PLC
("Portmeirion")
(the "Group")
Purchase of warehouse
11 July 2013
Portmeirion, the AIM listed manufacturer and worldwide distributor of high quality homewares, is pleased to announce that it has acquired the long leasehold interest, to expire in May 2156, of a 64,000 sq. ft. warehouse and offices, which it currently occupies, located in Stoke-on-Trent for £3.9 million to be paid from existing cash resources. Until now the Group had leased the building for £306,000 per year; the Directors believe the acquisition will benefit the Group's pre-tax profit by £220,000 per year.
ENQUIRIES:
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Portmeirion Group PLC: |
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Dick Steele Non-executive Chairman |
+44 (0) 1782 744 721 |
steele_clan@msn.com |
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Brett Phillips Group Finance Director |
+44 (0) 1782 744 721 |
bphillips@portmeiriongroup.com |
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Panmure Gordon (Nominated Adviser and Broker) |
+44 (0) 207 886 2500 |
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Freddy Crossley / Nicola Marrin |
Corporate Finance |
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Adam Pollock / Victoria Boxall |
Corporate Broking |
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Pelham Bell Pottinger |
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Dan de Belder |
+44 (0) 207 861 3881 |
ddebelder@pelhambellpottinger.co.uk |
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Julia Hanrahan |
+44 (0) 207 861 3982 |
jhanrahan@pelhambellpottinger.co.uk |
This information is provided by RNS