5th Nov 2015 11:20
LONDON (Alliance News) - Business software company Microgen PLC on Thursday said it has exchanged contracts to sell the freehold on its Fleet office for GBP2.4 million to Littleworth Properties Ltd.
The carrying value of the property in Hampshire, south west of London, at the end of June was GBP3.9 million, so the group will take a non-cash impairment charge in the 2015 financial year.
The group's employees in Fleet will be moved to a smaller, leasehold office in the Fleet area which will deliver a cut to annual overheads of around GBP200,000, Microgen said.
The proceeds from the sale will be retained by its Financial Systems division and will be used to back bolt-on acquisitions.
Microgen shares were untraded on Thursday, having last traded at 105.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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