28th Aug 2015 08:50
LONDON (Alliance News) - Property development and project management company Formation Group PLC on Friday said it has received GBP2.0 million as part of its profit share agreement for a property in London.
Formation announced a deal in July with Sunbel Development Ltd and Pinacle Developments Ltd in relation to a development property on Streatham High Road in south London.
It has now received GBP2.0 million from that agreement and will reinvest the funds in its future property developments.
Formation shares were up 13% on the news to 7.49 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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