REG - Warpaint London PLC - Renewal of New Moorcroft House lease at Silsden

Warpaint LondonAnnouncement

14/10/2022 07:00

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RNS Number : 8605C  Warpaint London PLC  14 October 2022

14 October 2022

 

Warpaint London PLC

 

("Warpaint", the "Company" or the "Group")

 

Renewal of New Moorcroft House lease at Silsden

 

 

Warpaint London plc (AIM: W7L), the specialist supplier of colour cosmetics
and owner of the W7 and Technic brands, announces that it has renewed its
lease at New Moorcroft House, Silsden, West Yorkshire, through to March 2028.
New Moorcroft House forms part of the Silsden site used by the Group's Retra
business (whose major brands are Technic, Body Collection and Man'stuff) and
comprises offices and warehouse space.

 

Terms of the lease agreement

 

A new lease agreement has been entered into between Badgequo Limited (a
subsidiary of the Company) and Warpaint Cosmetics Limited (a private company,
which is not part of the Group, being the owner and landlord) in relation to
New Moorcroft House at an annual rent of £185,107 plus property and rent
insurance expenses, with an expiry date of 11 March 2028 (the "New Moorcroft
House Lease Agreement"). The previous lease over New Moorcroft House, which
was in effect when the Group acquired Retra Holdings Limited in 2017, expired
on 31 January 2022 and the New Moorcroft House Lease Agreement is with effect
from 1 February 2022.

Related Party Transaction

The entering into the New Moorcroft House Lease Agreement with Warpaint
Cosmetics Limited comprises a related party transaction pursuant to AIM Rule
13, as the directors and beneficial owners of Warpaint Cosmetics Limited are
Samuel Bazini, Chief Executive Officer of the Company, and Eoin Macleod,
Managing Director of the Company. The Company's independent directors, being
Clive Garston, Neil Rodol, Sally Craig, Paul Hagon, Keith Sadler and John
Collier consider, having consulted with the Company's nominated adviser, Shore
Capital and Corporate Limited, that the terms of the New Moorcroft House Lease
Agreement are fair and reasonable insofar as the Company's shareholders are
concerned.

Enquiries:

 

 Warpaint London                                      c/o IFC

 Clive Garston - Chairman

 Neil Rodol - Chief Financial Officer

 Shore Capital (Nominated Adviser and Broker)         020 7408 4090

 Patrick Castle, Daniel Bush - Corporate Advisory

 Fiona Conroy - Corporate Broking

 IFC Advisory (Financial PR & IR)                     020 3934 6630

 Tim Metcalfe, Graham Herring, Florence Chandler

 

Warpaint London plc

 

Warpaint sells branded cosmetics under the lead brand names of W7 and Technic.
W7 is sold in the UK primarily to retailers and internationally to local
distributors or retail chains. The Technic brand is sold in the UK and
continental Europe with a significant focus on the gifting market, principally
for high street retailers and supermarkets. In addition, Warpaint supplies own
brand white label cosmetics produced for several major high street retailers.
The Group also sells cosmetics using its other brand names of Man'stuff, Body
Collection and Chit Chat.

 

 

 

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