REG - Robinson PLC - Surplus Property Update

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RNS Number : 3205U  Robinson PLC  07 August 2025

 

Robinson
plc

7 August 2025

 

SURPLUS PROPERTY UPDATE

 

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

 

The Company is pleased to announce agreements were entered into on 6 August
2025 for the sale of surplus property. The agreements, which are with the same
buyer, cover surplus property as follows:

·    Parts of the Walton Works surplus property in Chesterfield have been
sold. The sales include the grade II* listed mill building and the surrounding
land ("Walton Mill"). Walton Mill has been sold with exchange and completion
having occurred on 6 August 2025. The consideration paid is £700,000; this
sale agreement also includes an overage clause whereby an additional £315,000
would be payable to Robinson in the event that within 18 months following
completion, the new owner then re sells part of the surrounding land referred
to above to one already identified potential future buyer. Walton Mill is
currently vacant and the book value of the parts sold was £546,650 at 31
December 2024.

·    The Company has also entered an option agreement to sell the
Boythorpe Works surplus property in Chesterfield (the "Boythorpe Option"). The
Boythorpe Option attracts a non-refundable fee of £20,000, is for a maximum
period of 24 months, is exercisable during this time at the option of the
buyer and in addition the buyer would be required to exercise should
satisfactory planning permission be granted. The total consideration payable
after exercise of the option is £2,850,000, with one third to be paid on
completion, one third 12 months after completion, and the final third 24
months after completion. Boythorpe Works is currently vacant and the book
value was £612,286 at 31 December 2024.

 

The Company announced on 14 August 2023 it had exchanged contracts for the
sale of c.1.3 acres of the Walton Works surplus property. The required
planning permission has been granted subject to conditions, which are now at
an advanced stage, and therefore completion of this sale is expected within
the next three months. There has been an increase in costs to complete the
transaction, some of which will be paid by the buyer. The revised
consideration payable is expected to be £1,029,000 and with estimated costs
to Robinson of £429,000, the net proceeds are expected to be £600,000. This
property is partially occupied by tenants with annual rental income of
£22,265 and the book value was £540,000 at 31 December 2024.

 

The Company has recently agreed, subject to contract, to sell three other
surplus properties in Chesterfield with an aggregate consideration of
£1,195,000. One of the properties is partially occupied by tenants, with
annual rental income of £25,224, the remainder is vacant. The aggregate book
value was £428,134 at 31 December 2024.

 

All the proceeds are payable in cash and the monies will be used by the
Company to reduce bank debt. The intention of the Group remains, over time, to
realise value from the disposal of surplus properties and use the proceeds to
reduce indebtedness and develop our packaging business.

 

For further information, please contact:

 

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

 Mike Cusick, CFO

 Cavendish Capital Markets Limited
 Ed Frisby / Seamus Fricker, Corporate Finance  Tel: 020 7220 0500

 Tim Redfern, Corporate Broking

 

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 Procter &
Gamble, Reckitt Benckiser, SC Johnson and Unilever.

 

Headquartered in Chesterfield, UK, Robinson has plants in the UK, Poland and
Denmark. 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.

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