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Victoria signs sale & leaseback deal with Monopro
21
Mar '14
Victoria PLC, the manufacturer and distributor of floorcoverings, announces that it has entered into a sale and leaseback agreement with Monopro Limited in respect of its manufacturing facility at Worcester Road, Kidderminster for £5.8 million cash.  
 
The lease is for a 20 year term at an initial rent of £495,000 per annum and subject to annual RPI uplifts between 0 per cent. and 4 per cent..
 
The current net book value of the property is approximately £4.9 million resulting in a profit on sale (after associated costs) of approximately £0.7 million. Proceeds will be used to strengthen the Company's balance sheet.
 

Victoria PLC


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