24 Apr 2015 17:30
PROPERTY DISPOSAL
Caffyns plc (the "Company") announces that it has today exchanged contracts with Churchill Retirement Living Limited for the sale of part of the Company's freehold site at 5-7 Upperton Road, Eastbourne, East Sussex for £1.55m. The contract is conditional upon a High Court ruling relating to rights in respect of the part of the site being retained by the Company. The Court hearing is scheduled to be held on 15 June 2015. The interest of the Company in the retained part of the site comprises the freehold reversion in 24 ground leases of a block of flats.
The consideration is payable in cash on completion ten working days following the date on which the contract becomes unconditional.
The proceeds will be reinvested in the Company's business and used to reduce the Company's borrowings.
24 April 2015
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
Caffyns (CFYN)