24th Apr 2015 16:37
LONDON (Alliance News) - Caffyns PLC Friday said it has exchanged contracts with Churchill Retirement Living Ltd for the part-sale of a company property in East Sussex for a total of GBP1.6 million.
The company said the contract is conditional upon a High Court ruling, which is due to be held on June 15, 2015. The sale concerns a freehold site at 5 to 7 Upperton road, Eastbourne, East Sussex. The company will retain an interest in part of the site, which comprises the freehold reversion in 24 ground leases of a block of flats, it said in a statement.
The proceeds will be reinvested in the Company's business and used to reduce the Company's borrowings.
Caffyns shares closed up 2.3% to 542.00 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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