20th Jan 2005 12:53
Finsbury Food Group PLC20 January 2005 Date: 20 January 2005 On behalf of: Finsbury Food Group plc ("the Company") For immediate release Finsbury Food Group plc Disposal of Land for £2.35m Finsbury Food Group plc, one of the UK's leading manufacturers and distributorsof speciality cakes, muffins and breads, is pleased to announce the sale, by itsMemory Lane Cakes Ltd subsidiary, of a parcel of surplus land at its Cardiffsite. The sale proceeds are £2.35m before tax and fees; the land is currentlyheld in the Group's balance sheet at £400,000. The Company intends to reinvestapproximately £500,000 in site improvements, with the balance to be held inreserve. Commenting on the disposal, Dave Brooks, Chief Executive of Finsbury Food Groupplc, said: "We are pleased to have disposed of this tranche of our 10 acre Cardiff sitewhich will enable us to utilise our assets more effectively and continue todrive the growth of the business." - ends - Enquiries to: Redleaf Communications Tel: 020 7955 1410Emma Kane/James White Mob: 07876 338339 Finsbury Food Group plcDave Brooks (Chief Executive) Tel: 07831 787382John Lomer (Finance Director) Tel: 07778 889977 Notes to Editors: • Further information can be found on the Group's website at: www.finsburyfoods.co.uk • Finsbury Food was formed in the first quarter of 2002 by the transformation of the Megalomedia plc cash shell. • In August 2002 the Group acquired Memory Lane Cakes Ltd. • In February 2003 Nicholas & Harris Ltd was purchased. • In September 2003 the Group signed a five-year contract for the exclusive rights for the use of the Nestle confectionery brands in the UK ambient cake market. • In April 2004 Nicholas & Harris Ltd signed a contract for the use of the Village Bakery organic speciality bread brand. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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