REG - FIH Group PLC - Sale and Leaseback of UK Warehousing Facilities

FIHAnnouncement

28/08/2025 11:00

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RNS Number : 0699X  FIH Group PLC  28 August 2025

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

28 August 2025

FIH group plc

 

("FIH" or "the Group")

 

Sale and Leaseback of UK Warehousing Facilities

 

 

FIH group plc, the AIM quoted international specialist services group with
businesses in the Falkland Islands and UK, is pleased to announce that as part
of a review of the Group's financing structure, it has exchanged contracts for
the sale and leaseback of the 100,000 sq ft warehousing facilities in Leyton
used by Momart, its art handling and storage business, with HEPP Mid Box
Limited, a subsidiary of Hines, the global real estate manager, for a cash
consideration of £22.65 million.

As part of the transaction, Momart will enter into a ten year lease of the
Leyton property at an initial rent of circa £1.3 million per annum, with a
review after five years. The lease includes a tenant only break option after
five years as well as a tenant only option to renew the lease for a further
ten years, again with a tenant only break option after five years.

£0.8m of the consideration will be deferred and will be payable once Momart
has made rental payments in compliance with the lease agreement for a period
of two years.

The net book value of the Leyton property at 31 July 2025 was £18.26 million
and the profit on sale before transaction costs and corporation tax is
anticipated to be approximately £4.4 million.

Contract completion is expected by 4 September 2025. After repayment of the
mortgage secured on the property of circa £10.9 million, the sale is expected
to return approximately £11.8 million to the Company, before transaction fees
and corporation tax on the profit on disposal.

Subject to the successful completion of the contract, a special dividend of 70
pence per share will be proposed at the forthcoming Annual General Meeting.

Stuart Munro Chief Executive, FIH group plc, said:

"This is a positive transaction for the Group, achieving a 24% increase on the
net book value of the property."

 

 

Enquiries:

 FIH group plc

 Stuart Munro, Chief Executive           Tel: 01279 461630

 Reuben Shamu, Chief Financial Officer

 Zeus - NOMAD and Broker to FIH

 Mike Coe / James Bavister               Tel: 020 3829 5000

 Novella Communications

 Tim Robertson / Chris Marsh             Tel: 020 3151 7008

 

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Stuart Munro Chief Executive Officer of the Company.

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