For immediate release 28 January 2015
Braemar Shipping Services PLC
Strategic sale of Head Office
Braemar Shipping Services plc, ("Braemar" or the "Group"), an international provider of shipping, marine and energy services, announces that on 27 January 2015 it exchanged contracts for the sale of its leasehold interest in its Marylebone corporate headquarters to Greenhouse Sports Ltd for a net consideration of £9.5m before tax. The leasehold had a net book value of £4.0m, leading to an exceptional gain of £5.5m. The transaction is expected to complete on 26 February 2015. The consideration will be used to reduce Group indebtedness and will provide the Group with greater financial flexibility.
The sale follows the successful merger of Braemar with ACM Shipping Group Plc ("ACM") in 2014. The combined enlarged group is moving, as previously announced, to a new head office at One Strand, Trafalgar Square, London on 2 February 2015.
James Kidwell, Chief Executive of Braemar Shipping Services, said:
"The church at 35 Cosway Street has been a distinctive part of Braemar's identity for nearly 20 years. However, since our merger with ACM last year, the building no longer has the space to meet the company's needs.
"This move represents the beginning of an exciting phase for Braemar. Our new Central London headquarters will give us the room to bring our expanded London shipbroking teams together."
For further information, contact:
Braemar Shipping Services |
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James Kidwell, Chief Executive |
Tel +44 (0) 20 7535 2881 |
Martin Beer, Finance Director |
Tel +44 (0) 20 7903 2654 |
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Westhouse Securities |
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Robert Finlay / Antonio Bossi / Richard Johnson / Henry Willcocks |
Tel +44 (0) 20 7601 6100 |
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Buchanan |
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Charles Ryland |
Tel +44 (0) 20 7466 5107 |
Gabriella Clinkard |
Tel +44 (0) 20 7466 5117 |
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international provider of knowledge and skill-based services to the shipping, marine, energy, offshore and insurance industries. Founded in 1972, Braemar employs over 1,000 people in more than 70 locations worldwide across its Shipbroking, Technical and Logistics divisions. In July 2014 Braemar merged with ACM Shipping Group PLC.
Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.
For more information, visit www.braemar.com.
