19th Mar 2014 10:13
LONDON (Alliance News) - Carpet business Victoria PLC Wednesday said it has entered into a sale and leaseback agreement with Monopro Ltd regarding its manufacturing facility at Worcester Road, Kiddminster for GBP5.8 million.
The lease is for a 20-year term at an initial rent of GBP495,000 a year and subject to annual retail prices index uplifts of between 0% and 4%.
Victoria said the current net book value of the property is around GBP4.9 million resulting in a profit on sale, after associated costs, of around GBP700,000.
The firm said the proceeds will be used to strengthen its balance sheet.
The stock was trading at 299.00 pence Wednesday morning, up 1.00 pence or 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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