Tue, 02 Jun 2020 | COMMERCIAL PROPERTY
Tile retailer Topps Tiles has agreed the £18.1 million sale and leaseback of its head office and central warehouse buildings to UK Warehouse Properties.
The sale of the properties, in Leicester’s Grove Park, is expected to complete over the next few days. The company says the deal will bring 29.3 per cent to the balance sheet asset value of the properties of £14 million.
Topps Tiles says the proceeds from the sale "will further strengthen the group's financial position as it responds to the COVID-19 crisis”. The company has entered in 20-year leases on the properties for when the deal completes, with an annual rent of £1.2 million
The tile specialist, which has stores in Cirencester, Stroud, Cheltenham, Moreton-in-Marsh and Gloucester, has seen an already challenging trading environment exacerbated by the COVID-19 pandemic and lockdown.
It suffered a half-year loss in May after its sales were impacted by the crisis. Meanwhile, in an update for the six months to March 28 of this year, Topps Tiles reported a £4 million statutory pre-tax loss, down from a £5.2 million half-year profit in the year prior.
In its most recent full year accounts, made up to the year ending September 29 2018, the company reported holding total assets of £411 million, with liabilities of £266 million. At the time, its net assets were valued at £26.8 million.
One of the best ways to find properties below market price is to look at recent administrations.
Has in excess of 2,100 subscribers, all of whom provide reliable, repeat business on an ongoing basis, in addition to a high volume of customers making one-off purchases. Operates from leasehold premises; however, the company could be relocated to a...
RELOCATABLE
Flagship retail store specialising in the highest-end brand of sewing machines. Loyal and affluent clientele coming from all over the UK (and overseas). This business has been a leader in the field for 24 years. The sewing machine market is booming,...
LEASEHOLD
A long-established provider of promotional merchandise both plain and branded for a high-calibre client base. Using a large network of suppliers the company boasts a vastly comprehensive range. Dedicated staff nurture client relationships and promote...
|
10
|
|
Jul
|
Mobile phone supplier and recycler goes into administration | ADMINISTRATION
Mobile phone refurbishment company Redeem UK has gone into a...
|
09
|
|
Jul
|
John Lewis to close eight stores as COVID-19 accelerates shift to online | BUSINESS NEWS
Department store chain John Lewis has said that eight of its...
|
09
|
|
Jul
|
Chancellor cuts VAT on hospitality as part of £30 billion rescue plan | BUSINESS NEWS
Chancellor Rishi Sunak has announced a £30 billion pla...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources