The Company today announces that it has exchanged contracts for the conditional sale of the Company’s Southampton property. The property that is no longer suitable for the Company’s requirements has a book value of £372,500.
The sale is conditional upon the purchaser being able to obtain satisfactory planning permission within 9 months of the date of exchange.
The agreed sale price is £721,000, in cash, increased by £26,000 for each unit of residential accommodation for which planning is granted in excess of 22 units.
On completion, the business currently carried out from these premises will be transferred to more suitable rented accommodation. An update will be provided in due course. Enquiries: Pennant International Group plc John Waller, Finance Director.