24th Jun 2024 11:58
(Alliance News) - Aukett Swanke Group PLC on Monday said its subsidiary Torpedo Factory Group Ltd has sold the Old Torpedo Factory in west London.
Shares in the architectural and interior design services provider were down 8.1% to 1.31 pence each in London on Monday around midday.
Aukett said the property has been sold for GBP2.5 million.
The property was most recently valued at GBP3.1 million less a provision for deferred tax. The sale will therefore result in an accounting loss.
It explained that the proceeds will be used to repay the mortgage that is due to expire in February 2025, to redeem a portion of TFG's CBILS-backed loan, and to provide funds for general working capital.
Contract completion is due to occur in September.
Chief Executive Nick Clark said: "Given the growth opportunities in front of us and the ongoing financing and operating costs of retaining an underused building, we are pleased to have exchanged on the sale of the Property, albeit at a lower than originally hoped-for price. Management continues its focus on improving performance and on developing our smart buildings activities and I look forward to providing further updates."
By Sophie Rose, Alliance News senior reporter
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