W.H. Ireland Group PLC Sale of Freehold Property in Manchester (8863U)
January 24 2017 - 1:00AM
UK Regulatory
TIDMWHI
RNS Number : 8863U
W.H. Ireland Group PLC
24 January 2017
WH Ireland Group Plc
("WH Ireland" or the "Company")
Sale of Freehold Property in Manchester
The Company confirms that it has, through its wholly owned
subsidiary Readycount Limited, disposed of its freehold property at
11 St James`s Square, Manchester (the "Property") to Beech
Developments (Manchester) Limited ("Beech Developments") for
GBP5.27 million, in cash. The sale proceeds represent a premium to
the carrying book value of GBP4.75 million.
At the same time, the Company has entered into a lease with
Beech Developments, pursuant to which the employees of the
Company's Manchester office will remain in the Property for at
least a further five months, and thereafter will move to another
leased property in Central Manchester.
The Company will use the sale proceeds for general corporate
purposes.
Commenting on the transaction, Chief Executive Officer, Richard
Killingbeck said:
"We are pleased to be able to report a further successful
element of the transformation programme at WH Ireland. The proceeds
of this sale will bring greater flexibility to the business in the
future as we look to continue to refocus and invest in both
divisions of the Company. Our Manchester presence in the future
will be enhanced by a new central office location focused upon the
provision of our Private Wealth Management and Wealth Planning
services and the majority of our new middle office team. This move
to a new office, once completed in the summer of 2017, will
reinforce our commitment to both Manchester and the North West
".
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Richard Killingbeck, Chief Executive Officer +44(0) 20 7220
1666
SPARK Advisory Partners Limited
Mark Brady/Miriam Greenwood +44(0) 203368 3551/3550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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