24th Jan 2017 08:39
LONDON (Alliance News) - Stockbroker WH Ireland Group PLC said Tuesday it has sold a freehold property in Manchester to property group Beech Developments (Manchester) Ltd for GBP5.3 million in cash.
WH Ireland said the sale was made through its subsidiary Readycount Ltd, with proceeds representing a premium to the property's carrying book value of GBP4.8 million.
WH Ireland said at the same time it signed a deal with Beech for its employees to remain in the Manchester office, located at 11 St James Square, for at least a further five months and then will move to another leased property in central Manchester.
The sale proceeds will be used for general corporate purposes, it said.
"Our Manchester presence in the future will be enhanced by a new central office location focused upon the provision of our Private Wealth Management and Wealth Planning services and the majority of our new middle office team," said CEO Richard Killingbeck.
"This move to a new office, once completed in the summer of 2017, will reinforce our commitment to both Manchester and the north west," Killingbeck added.
Shares in WH Ireland were untraded on Tuesday, having last traded at 119.10 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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