Sale & Lease-back
April 01 2003 - 1:01AM
UK Regulatory
RNS Number:4585J
Regent Inns PLC
01 April 2003
1st April 2003
REGENT INNS PLC
Sale and Leaseback Announcement
Regent Inns plc ("Regent" or "the Company") today announces that it has
completed a sale and leaseback transaction with St. James Capital Property
Limited. The transaction relates to three properties: Walkabout, Portsmouth
including the three floors of offices above; Walkabout, Wolverhampton; and The
Stone House, Hertford.
Regent will receive consideration of #7.2 million in cash which will be used to
reduce debt. The net book value of the assets sold at 4 January 2003 was #4.2
million. Regent has entered into a 35 year lease with St. James Capital
Property Limited to lease back the properties at a rent of #559,000 per annum.
Commenting on the transaction, Stephen Haupt, Chief Executive of Regent, said:
"Regent is focused on operating late night, entertainment-led bars, not on
managing large scale properties. This transaction will also allow us to reduce
bank debt and gearing and to further strengthen our balance sheet."
- Ends -
For more information, please contact:
Regent Inns plc Tel. 020 8375 3000
Stephen Haupt, Chief Executive
Simon Rowe, Finance Director
Merlin Financial Tel. 020 7606 1244
Paul Downes Mob. 07900 244888
Vanessa Maydon Mob. 07802 961902
This information is provided by RNS
The company news service from the London Stock Exchange
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