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Coral Products PLC completed the sale of its freehold premises at North Florida Road Haydock, Merseyside, to Glenbrook CP Limited on 19 November 2021 for approximately £3.5 million. The Company has received the £3.5 million net proceeds, with an approximate profit of £900,000 from the sale to be accounted for in its full year results to 30 April 2022. Prior to these property proceeds, Coral Products PLC reported free cash and cash equivalents of approximately £5.5 million as at 31 October 2021.
| Date | 22 Nov 2021 |
| Time | 07:00:07 |
| Category | Disposals |
| ID | 0304T |
Annual Report and Accounts (to 2021-04-30)
CORAL PRODUCTS PLC
('Coral' or the 'Company' or the 'Group')
Completion of sale of property
Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce the completion on 19 November 2021 for the sale of the Company's freehold premises at North Florida Road Haydock, Merseyside to Glenbrook CP Limited for approximately £3.5 million, as previously announced on 5 May 2021.
The net proceeds of £3.5 million have now been received, and will be used to support organic growth whilst allowing the Company to seek acquisitions to augment its existing activities and reward shareholders for their long term support.
The profit on the sale of approximately £900,000 will be accounted for in our full year results to 30 April 2022.
The Company will report free cash and cash equivalents as at 31 October 2021, in its interims results, of approximately £5.5 million, this is before the property proceeds.
ENQUIRIES:
Coral Products plc
Joe Grimmond, Executive Chairman Tel: 07703 518148
WH Ireland, Nominated Adviser and Broker Tel: 020 7220 1666
Adrian Hadden
Darshan Patel
Megan Liddell
Capital Markets Consultants Limited Tel: 07515 587184
Richard Pearson