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.
This is a unique opportunity to acquire a well-established retail business in Leicestershire specialising in freshwater fish, including valuable stock such as Koi Carp and a range of related goods.
LEASEHOLD
This is a rare chance to acquire a prestigious freehold property and a flourishing windows, doors, and conservatory retail business renowned for quality craftsmanship and bespoke services across Cheshire, Shropshire, Mid and North Wales.
FREEHOLD
By far one of the finest garden centres we have had the privilege to offer to the open market. One of the largest and best kept and maintained garden centres in the UK, surrounded by the most affluent suburbs of Leeds and Harrogate and just minutes f...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.