REG - Sancus Lending Group - Disposal

Sancus LendingAnnouncement

15/03/2023 07:00

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RNS Number : 9795S  Sancus Lending Group Limited  15 March 2023

15 March 2023

 

Sancus Lending Group Limited (the "Group" or the "Company")

Disposal of Gibraltar Business

 

Further to its Company update of 10 January 2023, the Sancus Board today
announces the sale of Sancus Lending (Gibraltar) Limited for £10,000 to Mr
John Davey (the "Disposal"). As noted on 10 January 2023, in reviewing its
operations in Gibraltar during 2022, the Company did not identify sufficient
quality lending opportunities to merit continued efforts in the region and as
a result the Goodwill (£8.64 million) was consequently written down to nil.

 

The Disposal will result in cost savings of around £200,000 in relation to
run-off costs, plus the avoidance of redundancies and associated expenses. In
addition, it will allow the Company to focus on its core markets of the UK,
Ireland and Channel Islands. The proceeds of the Disposal, payable in cash,
will be used for working capital purposes.

 

The sale is in line with the Group's ongoing structured change programme. The
Executive team, supported by the Board, continue to focus on returning the
Company to profitability. This includes ongoing measures to simplify the
business, improve efficiency and optimise the use of its resources.

 

 

For further information, please contact:

Sancus Lending Group Limited

Rory Mepham

+44 (0)1481 708 280

 

Liberum Capital (Nominated Adviser and Corporate Broker)

Lauren Kettle

Chris Clarke

William King

+44 (0) 20 3100 2000

 

Instinctif Partners (PR Adviser)

Tim Linacre

Victoria Hayns

+44 (0)207 457 2020

 

Sanne Fund Services (Guernsey) Limited (Company Secretary)

Matt Falla

+44 (0)1481 755530

 

 

LEI: 213800S2XOO3YSEGCA26

 

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