4th Nov 2013 12:51
LONDON (Alliance News) - Financial advice company Lighthouse Group PLC Monday said it has bought long-leasehold premises in Woodingdean, near Brighton, in a GBP1.1 million deal, inclusive of VAT, stamp duty reserve tax and transactional costs.
Lighthouse, which advises thousands of personal and corporate clients, said the new premises will accommodate its growth plans for affinity-based national advisory business Lighthouse Financial Advice Limited, as well as for the development of a dedicated training centre for the Group's advisers and staff.
The purchase of the leasehold means that the company's existing premises in Exeter will be closed, with all functions relocated by March 31, 2014.
Lighthouse said the new plans are expected to deliver operational efficiency gains once the new functions are fully embedded from mid-2014 onwards, but said the company will give further detail on the extent of its operational gains following the implementation of the plans.
"The premises will provide a modern and integrated base for the group's operations and in particular will enable the delivery of the substantial growth plans that are underway within LFA, as well as enabling the group to establish a state-of-the-art training academy for the benefit of the group's advisers and staff," Chief Executive Malcolm Streatfield said in a statement.
The long-leasehold interest was acquired from St Modwen Developments Limited, part of St Modwen Properties PLC.
Lighthouse shares were Monday quoted at 3.25 pence, down 3.7%.
By Samuel Agini; [email protected]; @samuelagini
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