Warpaint London PLC Renewal of New Moorcroft House lease at Silsden (8605C)
October 14 2022 - 1:00AM
UK Regulatory
TIDMW7L
RNS Number : 8605C
Warpaint London PLC
14 October 2022
14 October 2022
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Renewal of New Moorcroft House lease at Silsden
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands, announces
that it has renewed its lease at New Moorcroft House, Silsden, West
Yorkshire, through to March 2028. New Moorcroft House forms part of
the Silsden site used by the Group's Retra business (whose major
brands are Technic, Body Collection and Man'stuff) and comprises
offices and warehouse space.
Terms of the lease agreement
A new lease agreement has been entered into between Badgequo
Limited (a subsidiary of the Company) and Warpaint Cosmetics
Limited (a private company, which is not part of the Group, being
the owner and landlord) in relation to New Moorcroft House at an
annual rent of GBP185,107 plus property and rent insurance
expenses, with an expiry date of 11 March 2028 (the "New Moorcroft
House Lease Agreement"). The previous lease over New Moorcroft
House, which was in effect when the Group acquired Retra Holdings
Limited in 2017, expired on 31 January 2022 and the New Moorcroft
House Lease Agreement is with effect from 1 February 2022.
Related Party Transaction
The entering into the New Moorcroft House Lease Agreement with
Warpaint Cosmetics Limited comprises a related party transaction
pursuant to AIM Rule 13, as the directors and beneficial owners of
Warpaint Cosmetics Limited are Samuel Bazini, Chief Executive
Officer of the Company, and Eoin Macleod, Managing Director of the
Company. The Company's independent directors, being Clive Garston,
Neil Rodol, Sally Craig, Paul Hagon, Keith Sadler and John Collier
consider, having consulted with the Company's nominated adviser,
Shore Capital and Corporate Limited, that the terms of the New
Moorcroft House Lease Agreement are fair and reasonable insofar as
the Company's shareholders are concerned.
Enquiries:
Warpaint London c/o IFC
Clive Garston - Chairman
Neil Rodol - Chief Financial Officer
Shore Capital (Nominated Adviser and Broker)
Patrick Castle, Daniel Bush - Corporate Advisory
Fiona Conroy - Corporate Broking 020 7408 4090
IFC Advisory (Financial PR & IR)
Tim Metcalfe, Graham Herring, Florence Chandler 020 3934 6630
Warpaint London plc
Warpaint sells branded cosmetics under the lead brand names of
W7 and Technic. W7 is sold in the UK primarily to retailers and
internationally to local distributors or retail chains. The Technic
brand is sold in the UK and continental Europe with a significant
focus on the gifting market, principally for high street retailers
and supermarkets. In addition, Warpaint supplies own brand white
label cosmetics produced for several major high street retailers.
The Group also sells cosmetics using its other brand names of
Man'stuff, Body Collection and Chit Chat.
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