News blog
Swallowfield
- BY: Andrew Hore |
- POSTED: 31/12/2007 |
Cosmetics and toiletries supplier Swallowfield has made a £1.25m profit on the sale and leaseback of its Lowmoor warehouse.
The warehouse was sold for £2.1m net of fees. It is in the books at £850,000. The new owner will also extend the warehouse facilities.
Net assets were £10.15m at the end of June so the £1.25m gain will represent a significant increase in net assets. Net debt was £4.88m so this should be nearly halved.
The gain will be included in the interim figures and there shouldn’t be any tax to pay. Even excluding the gain the interim profits will be better than expected.
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