24th Sep 2014 15:16
LONDON (Alliance News) - Caffyns PLC Wednesday said it has exchanged contracts with Perth Securities Ltd to sell its freehold site in Lewes, East Sussex, for GBP858,000.
The automotive retailer bought the Lewes freehold site in February 2013 to enable the aftersales operations of its Land Rover dealership to operate from facilities next to its existing showrooms. Part of the site acquired, a listed building and adjoining land, was put up for sale after planning permission was gained in March 2014 for a residential and office development.
The company said it will use the disposal proceeds to help reduce its borrowings.
Caffyns shares were trading flat late Wednesday afternoon at 575.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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