19 March 2014
Victoria PLC
('Victoria' or the 'Company')
Sale and Leaseback of Property
Victoria PLC, (LSE: VCP) the manufacturer and distributor of floorcoverings, today announces that it has entered into a sale and leaseback agreement with Monopro Limited in respect of its manufacturing facility at Worcester Road, Kidderminster for £5.8 million cash. The lease is for a 20 year term at an initial rent of £495,000 per annum and subject to annual RPI uplifts between 0 per cent. and 4 per cent..
The current net book value of the property is approximately £4.9 million resulting in a profit on sale (after associated costs) of approximately £0.7 million. Proceeds will be used to strengthen the Company's balance sheet.
- Ends -
For more information contact:
Victoria PLC Geoff Wilding | +44 (0) 15 6274 9300 |
Cantor Fitzgerald Europe Rick Thompson, David Foreman (Corporate finance) Richard Redmayne (Corporate broking) | +44 (0) 20 7894 7000 |
MHP Nick Denton Vicky Watkins | +44 (0) 20 3128 8100 |