Caffyns PLC ("the Company") announces that it has today exchanged conditional contracts for the sale of its vacant freehold site in East Grinstead, Sussex with Alburn (Minos) Limited ("Alburn"). The consideration of £3.075m is payable in cash two weeks following the granting of an acceptable planning permission. The net book value of the property is £656,000. Alburn is required to submit a detailed planning application by 21 December 2007.
A further announcement will be made when appropriate. Upon completion being fulfilled, the proceeds will be applied in reducing the Company's borrowings.
19 November 2007
Enquiries:
Simon Caffyn
Chief Executive
Mark Harrison
Finance Director
Telephone: 01323 730201
This information is provided by RNS
The company news service from the London Stock Exchange
