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Marks Electric agrees extension of headquarters' lease in Leicester

18th Apr 2024 12:46

(Alliance News) - Marks Electrical Group PLC on Thursday said that it has entered a new three-year lease extension at its headquarters in Leicester.

The lease, which is for 4 Boston Road in Leicester, England, is also the electrical products retailer's main site of operations.

According to the terms of the new deal, the three-year term starts on September 30 with a below inflation increase to GBP640,000 per annum, to be satisfied in cash. It replaces an existing lease, which expires on September 29.

The lease is between Marks Electrical, Mavrek Properties Ltd and The Smithson Pension Fund, which together are the site's landlords.

Marks Electrical Group shares were trading 3.6% higher at 72.00 pence each in London on Thursday afternoon.

By Holly Beveridge, Alliance News reporter

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