REG - Aukett Swanke Group - Property marketed for sale

Aukett SwankeAnnouncement

05/10/2023 12:15

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RNS Number : 8520O  Aukett Swanke Group PLC  05 October 2023

 

5 October 2023

 

Aukett Swanke Group Plc

("Aukett Swanke", the "Company", or, together with its subsidiaries, the
"Group")

Property marketed for sale

 

Aukett Swanke (AIM: AUK), the group providing Smart Buildings, Architectural
and Design Services, notifies that it has instructed Dutch & Dutch
commercial property agents on the freehold sale of The Old Torpedo Factory
(the "Property") in west London.

The Property was acquired as part of the acquisition by the Company of Torpedo
Factory Group Limited ("TFG") in March 2023. Much of the space was previously
occupied by TFG's non-core Live Events division. Under the terms of the April
2023 disposal of that division, the purchaser continued to operate from the
Property until the end of August. Having now vacated, the Property is larger
than needed for the remaining interests of the Group and TFG intends to take a
leasehold interest in a more suitable property in the area.

The Property was valued at £3.02m in the Group's unaudited interim accounts
as at 31 March 2023, and Dutch and Dutch have advised the property should be
marketed at this level. TFG has borrowings of approximately £1.41m secured on
the Property by way of a mortgage which is currently due for repayment in
February 2024.

A sale at the marketed valuation would allow the repayment of the associated
mortgage and provide funds for further expansion without undue dilution for
shareholders.

 

Contacts

Aukett Swanke Group
Plc
+44 (0) 20 7843 3000

Clive Carver,
Chairman

Nick Clark, Chief
Executive
 

Strand Hanson Limited, Financial and Nominated Adviser
                          +44 (0) 20 7409 3494

Richard Johnson, James
Bellman

Zeus Capital Limited,
Broker
+44 (0) 20 3829 5000

Simon Johnson, Louisa Waddell

Investor/Media
+ 44 (0) 7979 604 687

Chris Steele

 

About Aukett Swanke Group plc

Aukett Swanke Group has a strong foundation in architectural services and is
on a transformative journey to become a London-listed provider of Smart
Buildings and related services. ASG are uniquely positioned to ensure the
technical systems that run modern premises are designed as an integral part of
the structure, from the outset.

For more information go to https://www.aukettswankeplc.com
(https://www.aukettswankeplc.com)

 

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