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(Sharecast News) - Surgical endoscopy-focussed medical device company Creo Medical Group has exchanged contracts to acquire the freehold interest in the current site of its primary headquarters in Chepstow, Creo House, it announced on Monday.
The AIM-traded firm said it had also agreed to buy the adjacent site, for a total of £4.25m in cash, with the acquisition expected to complete in early July.
It said Creo House has a current total capacity of around 18,000 square feet and the adjacent site, subject to planning permission, would provide another 16,000 square feet of increased capacity.
That additional capacity would support Creo's commercial, operational and logistic footprint across Europe, following the acquisition of Albyn Medical in July and Boucart Medical in November, and would also provide additional manufacturing capacity for the commercial roll-out of the full range of products from the Creo gastrointestinal suite of advanced energy devices, which complement its 'Croma Advanced Energy Platform' and 'Speedboat' device for use in gastrointestinal therapeutic endoscopy.
The freehold was being acquired from Fastnet Property Investments, the site's original developer.
"We are delighted to have secured the freehold of Creo House as well as the adjacent site which, subject to planning permission, will provide increased capacity to support our commercial, operational and logistic footprint across Europe; as well as providing additional manufacturing capacity for the commercial roll-out of the full suite of advanced energy devices," said chief executive officer Craig Gulliford.
"By acquiring these sites, we are not only showing a firm commitment to Wales, but we are also giving our workforce even greater stability.
"The expansion is reflective of the rapid growth within Creo."
At 0807 BST, shares in Creo Medical Group were up 1.46% at 209p.
2 Jul 2018 13:38
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