27th Apr 2016 16:00
LONDON (Alliance News) - Car dealer Caffyns PLC said Wednesday it has exercised options to buy three parcels of land, which total 3.7 acres, in Angmering, West Sussex for GBP2.3 million.
Caffyns said the GBP2.3 million will be paid in cash satisfied from its existing bank facilities. The options for the land expired on Wednesday.
Caffyns said GBP1.8 million of the cash will be used to purchase land held by private individuals and the deals will complete on October 27. The other GBP475,000 will be used to buy land from Haskins Garden Centres Ltd and said this deal will also complete on October 27.
Caffyns said it plans to relocate its existing Audi AG dealership in Worthing to the new land, despite planning permission being refused by Arun District Council, West Sussex on March 31. Caffyns said it has received advice on the matter and intends to appeal the decision.
Shares in Caffyns closed up 2.4% at 599.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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