7th Nov 2014 12:56
LONDON (Alliance News) - Norcros PLC Friday said it has completed the exit of its legacy lease at its property in Sheffield and acquired the freehold on the site.
The supplier of branded showers, taps, bathroom accessories, tiles and adhesives said it has now exited its legacy lease on the Orgreave Drive property in Sheffield and has acquired the freehold on the site for GBP3.4 million in cash.
The company said the acquisition of the site is expected to result in an exceptional charge of around GBP2.5 million in the second half of its financial year to the end of March 2015.
"I am delighted that we have resolved this long legacy lease obligation at Sheffield which is a great result for our shareholders," said Norcros Chief Executive Nick Kelsall.
Norcros said of its two remaining legacy leaseholds, the lease at the Drakes Way site in Swindon will expire in December. After this, the only remaining legacy lease will be at Groundwell, also in Swindon, on which the head lease runs to 2022.
Shares in Norcros were down 0.8% to 15.875 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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