REG - Lords Group Trading - Further re: Property Purchase

Lords TradingAnnouncement

22/12/2023 07:00

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RNS Number : 6877X  Lords Group Trading PLC  22 December 2023

22 December 2023

 

Lords Group Trading plc

 

('Lords', the 'Group' or the 'Company')

 

Further re: Property Purchase

 

On 12 January 2023 Lords announced that it had entered into binding agreements
in respect of the purchase of the freehold property from which the Heathrow
branch of the Group's wholly owned subsidiary George Lines Civils &
Landscaping Merchants operates (the 'Property') from the original vendor of
George Lines (the "Property Purchase").

 

The Property, which is situated close to Heathrow airport and covers an area
of 1.52 acres including 5,570 square feet of covered storage, is considered by
Lords to be prime industrial real estate from which the Heathrow branch of
George Lines Civils & Landscaping Merchants is intending to continue to
operate for the foreseeable future. The branch has been operating out of the
site for more than 40 years.

 

As previously announced, the Company agreed the maximum consideration for the
purchase of the Property was £6.26 million in cash, of which an initial £2.2
million was paid by the Group in January 2023.

 

The Company now announces that the parties have now agreed to an amended
schedule for completion of the Property Purchase and for the payment by the
Company of the remaining consideration payable such that the completion date
will be extended from 5 July 2024 to 31 January 2025, with £0.9 million of
the unchanged consideration payable in January 2024 and the balance payable on
completion in January 2025.

 

 

 

- Ends -

 

FOR FURTHER ENQUIRIES:

 

 Lords Group Trading plc                                                  Via Buchanan
 Shanker Patel, Chief Executive Officer                                   Tel: +44 (0) 20 7466 5000
 Chris Day, Chief Financial Officer and Chief Operating Officer

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)   Tel: +44 (0)207 220 0500
 Ben Jeynes / Dan Hodkinson (Corporate Finance)
 Julian Morse / Henry Nicol (Sales)

 

 Berenberg (Joint Broker)                                     Tel: +44 (0)20 3207 7800

 Matthew Armitt / Richard Bootle / Detlir Elezi

 Buchanan Communications                                      Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham / Stephanie Whitmore / Abby Gilchrist  LGT@buchanan.uk.com (mailto:LGT@buchanan.uk.com)

 

 

Notes to editors:

Lords is a specialist distributor of building, plumbing, heating and DIY
goods.  The Group principally sells to local tradesmen, small to medium sized
plumbing and heating merchants, construction companies and retails directly to
the general public.  The Group operates through the following two divisions:

 

·      Merchanting: supplies building materials and DIY goods through
its network of merchant businesses and online platform capabilities.  It
operates both in the 'light side' (building materials and timber) and 'heavy
side' (civils and landscaping), through 31 locations in the UK.

 

·      Plumbing and Heating: a specialist distributor in the UK of
plumbing and heating products to a UK network of independent merchants,
installers and the general public. The division offers its customers an
attractive proposition through a multi-channel offering.  The division
operates over 17 locations enabling nationwide next day delivery service.

 

Lords was established over 35 years ago as a family business with its first
retail unit in Gerrards Cross, Buckinghamshire.  Since then, the Group has
grown to a business operating from 48 sites.  Lords aims to become a £500
million turnover building materials distributor group by 2024 as it grows its
national presence.

 

Lords was admitted to trading on AIM in July 2021 with the ticker LORD.L. For
additional information please visit www.lordsgrouptradingplc.co.uk.

 

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