14th Feb 2005 13:35
Associated British Foods PLC14 February 2005 Associated British Foods plc ("ABF") Further store acquisitions for Primark For immediate release 14 February 2005 Associated British Foods plc, the international food, ingredients and retailgroup, has today announced the acquisition of six stores by Primark, its valuefashion retail business. Agreement has been reached with the administrators ofthe Allders group for stores located in Bromley, Coventry, Oxford, Leicester,Sheffield (Meadowhall) and Hull. The consideration will be paid in cash fromexisting resources at completion. Completion is subject to the receipt oflandlord consent, where required. Primark expects to take possession of thestores by the end of March and to be trading by the autumn of this year. Primark currently trades from 121 stores with 2.4 million sq ft of selling spacewith 1.6 million sq ft in Great Britain and 0.8 million sq ft in Ireland. Thesenew stores will initially add around 300,000 sq ft in Great Britain. The storein Bromley is freehold, Coventry is long leasehold and the remainder are shortleasehold. The total investment, including the fitting out, is expected to be£110m. Primark has experienced strong sales growth in recent years from bothlike-for-like growth and from new store openings which have focused morerecently upon larger sites in major high street locations. Commenting on the announcement, ABF Finance Director, John Bason said, "The acquisition of these six stores in major towns and cities representsanother step in Primark's acquisition of retail space in Great Britain and willbring the Primark offering to a large number of new customers." For further information please contact: Associated British Foods Tel: +44 (0)20 7399 6500John Bason, Finance Director Citigate Dewe Rogerson Tel: +44 (0)20 7638 9571Jonathan Clare / Chris Barrie / Sara Batchelor This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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