Disposal
May 01 2003 - 6:52AM
UK Regulatory
RNS Number:6169K
C.H.E. Group PLC
01 May 2003
C.H.E. GROUP PLC
DISPOSAL OF HOTEL
C.H.E. Group PLC ( 'CHE' ) is pleased to announce that on 30 April 2003 it
completed the sale of the Quality Commodore Hotel, Edinburgh to a private buyer.
This property was not sold as part of the disposal programme to reduce debt. The
hotel did require a considerable sum of expenditure to meet our brand standard
criteria which would not have generated an acceptable return and therefore CHE
agreed to sell the property. As it was a secured property part of the proceeds
have been repaid to the bank with the remainder being retained as working
capital
The consideration for this disposal amounting to #1.55 million was paid in cash
on completion.
The hotel has 87 rooms and produced an operating profit of #63,256 on turnover
of #1.196 million during the year ended 31 December 2002. The current balance
sheet value of the hotel is #1.55 million.
Enquiries to:
C.H.E. : David Cook
Tel. 020 8233 2001 Fax. 020 8233 2000
1 May 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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