28th Sep 2018 18:02
LONDON (Alliance News) - PHSC PLC on Friday said it agreed to sell its Essex property to GMP Holdings Ltd for GBP305,000 in cash.
The book value of the property as at the end of March was GBP134,631.
The health, safety, hygiene and environmental consultancy services provider said the property was previously occupied by its discontinued asbestos consultancy business, Adamson's Laboratory Services Ltd, and was not required for PHSC's other operations.
After expenses, the company expects to secure GBP290,000, which will be used for general working capital purposes, it said. The net proceeds will also strengthen PHSC's overall cash position and allow it to seek to reduce the size of its banking facility with HSBC Bank PLC from GBP300,000 to GBP150,000 when it is renewed in November.
Shares in PHSC closed 13% higher on Friday at 13.00 pence each.
Related Shares:
PHSC