REG - Robinson PLC - Sale of Property

RobinsonAnnouncement

28/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220428:nRSb6133Ja&default-theme=true

RNS Number : 6133J  Robinson PLC  28 April 2022

 

Robinson
plc

 

28 April 2022

SALE OF PROPERTY

Robinson plc ("Robinson", the "Company" or the "Group"; stock code: RBN), the
custom manufacturer of plastic and paperboard packaging, is pleased to provide
a property update.

 

On 24 March 2022 the Company announced receipt and acceptance of a non-binding
offer to sell an operational property in Sutton-in-Ashfield (the "Property").
The Group is now pleased to announce the sale of the Property to a joint
venture between Rotherhill Developments Limited and Euro Property Investments
Limited, with exchange and completion having occurred on 27 April 2022. The
Property is currently used by the Group for the manufacture of plastic
packaging. As part of the transaction, the Group will leaseback the Property
for six to nine months. During this period, production will be relocated to a
recently refurbished building on existing Robinson premises in
Kirkby-in-Ashfield. The relocation will require investment of approximately
£600,000 and will provide future opportunities to improve operational
efficiency in the UK plastics business. The consideration payable is
£2,475,000 in cash, and the remaining monies after the investment of
£600,000 will be used by the Company to reduce current bank debt. The book
value of the property was £986,000 at 31 December 2021.

 

We are also pleased to provide an update on the sale of surplus property
announced on 24 March 2022. The sale to Norpap Property 2019 Limited completed
as planned on 31 March 2022, consideration of £975,000 was received and has
been used to reduce current bank debt.

 

Subject to the necessary planning approvals, we would expect further sales of
surplus property in Chesterfield to be achieved in the next 18 months. The
intention of the Group remains, over time, to realise the maximum value from
the disposal of surplus properties and to reinvest the proceeds in developing
our packaging business.

 

 

 Robinson plc                                   www.robinsonpackaging.com (http://www.robinsonpackaging.com)
 Helene Roberts, CEO                            Tel: 01246 389280

 Mike Cusick, Finance Director

 finnCap Limited
 Ed Frisby / Seamus Fricker, Corporate Finance  Tel: 020 7220 0500

 Tim Redfern / Barney Hayward, ECM

 

About Robinson:

 

Being a purpose-led business, Robinson specialises in custom packaging with
technical and value-added solutions for food and consumer product hygiene,
safety, protection, and convenience; going above and beyond to create a
sustainable future for our people and our planet. Its main activity is in
injection and blow moulded plastic packaging and rigid paperboard luxury
packaging, operating within the food and beverage, homecare, personal care and
beauty, and luxury gift sectors. Robinson provides products and services to
major players in the fast-moving consumer goods market including McBride,
Procter & Gamble, Reckitt Benckiser, SC Johnson and Unilever.

 

Headquartered in Chesterfield, UK, Robinson has 3 plants in the UK, 2 in
Poland and recently acquired a plant in
Denmark, Schela Plast. Schela Plast specialises in the design and
manufacture of plastic blow moulded containers, serving a number of the
major FMCG brands in Denmark and neighbouring countries.

 

Robinson was formerly a family business with its origins dating back to 1839,
currently employing nearly 400 people. The Group also has a substantial
property portfolio with development potential.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCIRMMTMTMTTRT