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[January 2007]
Portmeirion Completes Site Disposal
In its last interim statement, Portmeirion Group PLC referred to a significant freehold site which would be vacated during the first half of 2007 after the new warehouse, which has been undergoing fitting out, was commissioned.Portmeirion has now announced that the sale of this freehold site has been completed.
The 4.8 acre site, situated in Stoke-on-Trent (Staffs, England), together with buildings and equipment not required by the group, was sold for £2.175 million in cash.
The sale will result in an exceptional gain of approximately £1.7 million. Portmeirion will continue to occupy the site at a peppercorn rent until vacating it later in the first half of 2007.
The newly completed 64,000 sq.ft. warehouse cost around £3 million in capital expenditure to mechanise and fit out.
www.portmeirion.co.uk
ENDS