REG - Aukett Swanke Group - Property Disposal

Aukett SwankeAnnouncement

24/06/2024 07:00

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RNS Number : 4877T  Aukett Swanke Group PLC  24 June 2024

 

24 June 2024

 

Aukett Swanke Group Plc

("Aukett Swanke", the "Company," "ASG", or, together with its subsidiaries,
the "Group")

Property Disposal

 

Aukett Swanke (AIM: AUK), the Architecture and Smart Buildings Group, is
pleased to provide the following update.

The Group's subsidiary Torpedo Factory Group Limited ("TFG") has exchanged
contracts, conditional upon a satisfactory valuation, for the sale of The Old
Torpedo Factory (the "Property") in west London at a price of £2.5 million
plus VAT, with the buyer having paid a 10% refundable deposit. Exchange is
expected to become unconditional by 5 July 2024. Under the terms of the
contract completion is due to occur in September 2024.

Subject to completion, the net proceeds will be used to repay the mortgage
that is due to expire in February 2025, to redeem a portion of TFG's
CBILS-backed loan, and to provide funds for general working capital.

The Property was most recently valued in the Group's accounts at £3.08
million less a provision for deferred tax. The sale will therefore result in
an accounting loss, which will be treated as an adjusting post balance sheet
event in the Group's interim results for the six months to 31 March 2024,
which are expected to be announced on 28 June 2024.

Nick Clark, Chief Executive of Aukett Swanke, commented:

"Given the growth opportunities in front of us and the ongoing financing and
operating costs of retaining an underused building, we are pleased to have
exchanged on the sale of the Property, albeit at a lower than originally
hoped-for price. Management continues its focus on improving performance and
on developing our smart buildings activities and I look forward to providing
further updates."

 

Contacts

Aukett Swanke Group Plc
                                                +44
(0) 20 7843 3000

Clive Carver,
Chairman

Nick Clark, Chief
Executive
 

 

Strand Hanson Limited, Financial and Nominated Adviser
         +44 (0) 20 7409 3494

Richard Johnson, James
Bellman

 

Zeus Capital Limited, Broker
                                              +44 (0)
20 3829 5000

Simon Johnson, Louisa Waddell

 

Investor/Media
 
       + 44 (0) 7979 604 687

Chris Steele

 

About Aukett Swanke Group plc

Aukett Swanke Group has a strong foundation in architectural services and is
on a transformative journey to become a London-listed provider of Smart
Buildings and related services. ASG are uniquely positioned to ensure the
technical systems that run modern premises are designed as an integral part of
the structure, from the outset.

For more information go to https://www.aukettswankeplc.com
(https://www.aukettswankeplc.com)

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

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