Lincat Group PLC: Sale of Manufacturing Site | Company Announcements

Tuesday 30 September, 2008

Lincat Group PLC

Sale of Manufacturing Site

RNS Number : 6973E

Lincat Group PLC

30 September 2008

Lincat Group plc ('the Company')

Sale of manufacturing site

The Board of Lincat, the AIM listed manufacturer of commercial catering appliances, bar equipment and domestic range cookers, is pleased to announce that the Company today received a second non-refundable deposit of £1m against the sale of IMC's former manufacturing site in Hertfordshire.

Contracts for the sale of the site for £7.5 million were exchanged on 11 April 2008, when an initial non-refundable deposit of £1m was received by the Company.

Martin Craddock, Chairman: 'These funds will be used to further reduce the Company's net borrowings, which amounted to £5.7m at 30 June 2008. We remain on course to repay all of our bank debt by the end of June 2009, when the balance of £5.5m is due from the purchaser of the site.'

30 September 2008

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