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  • BY: Andrew Hore |
  • POSTED: 29/04/2014 |

Gibraltar-based company Harris Rodriguez Ltd has taken a 12.1% stake in Toye & Co.

It appears that Harris Rodriguez has acquired the stake in the medals and regalia supplier owned by Nicholas KS Wills, who retired as a non-executive director of Toye at the end of 2013 after 17 years on the board.

At 44p a share, Toye is valued at 989,000. At the end of June 2013, the NAV was 1.41m and net debt was 1.6m. There is a 2m loan relating to the sale of 19-21 Great Queen Street for at least 2.75m, compared with a book value of 934,000. There is potential for an additional payment of up to 500,000 depending on planning consent. The proceeds from the eventual sale of the property will offset the loan from the buyer. This means that the underlying NAV is more than 3m. 

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