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  • BY: Andrew Hore |
  • POSTED: 10/08/2007 |

Electrical and electromechanical products manufacturer Elektron bought Sifam Instruments for £2m and immediately made more than that from a sale and leaseback of the company’s two freehold factories. 

The two properties in Torquay are being sold for £2.34m and they were in Sifam’s books for £883,000. Elektron will have to pay rent of £215,000 a year on the premises once a 12 month rent free period expires. The rental agreements are for 10 years.
Property investor Panther Securities, which together with its associates owns 15.3% of Elektron, has bought the properties.
Sifam produces nano-positioning and other types of meters as well as instruments that measure temperature, pressure and relative humidity. Sifam made pre-exceptional profits of £507,000 on turnover of £8.4m in its most recent financial year. In the six months to June 2007 it made £50,000 on turnover of £4.7m.
Sifam will settle its pension liability of £910,000 following the takeover. Net debt was £64,000 at the end of June.

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