Tue, 02 Jun 2020 | COMMERCIAL PROPERTY
Tile retailer Topps Tiles has agreed the £18.1 million sale and leaseback of its head office and central warehouse buildings to UK Warehouse Properties.
The sale of the properties, in Leicester’s Grove Park, is expected to complete over the next few days. The company says the deal will bring 29.3 per cent to the balance sheet asset value of the properties of £14 million.
Topps Tiles says the proceeds from the sale "will further strengthen the group's financial position as it responds to the COVID-19 crisis”. The company has entered in 20-year leases on the properties for when the deal completes, with an annual rent of £1.2 million
The tile specialist, which has stores in Cirencester, Stroud, Cheltenham, Moreton-in-Marsh and Gloucester, has seen an already challenging trading environment exacerbated by the COVID-19 pandemic and lockdown.
It suffered a half-year loss in May after its sales were impacted by the crisis. Meanwhile, in an update for the six months to March 28 of this year, Topps Tiles reported a £4 million statutory pre-tax loss, down from a £5.2 million half-year profit in the year prior.
In its most recent full year accounts, made up to the year ending September 29 2018, the company reported holding total assets of £411 million, with liabilities of £266 million. At the time, its net assets were valued at £26.8 million.
One of the best ways to find properties below market price is to look at recent administrations.
Amazing deal in this long-established community store offering excellent range of products and services.
LEASEHOLD
Superbe opportunity to acquire this very well established trade with widespread reputation and client base, offering extensive new and premium quality pre-owned vehicle range from secure and well maintained 0.8 acre site.
FREEHOLD
The business is a well known operator in the Northeast of England, a specialist in car sales, finance and van rental having been in business since 1995.
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