PHSC Plc Sale of Property
September 28 2018 - 2:00AM
UK Regulatory
TIDMPHSC
28 September 2018
PHSC PLC
Sale of Property
PHSC plc ("PHSC" or "the Group"), a leading provider of health, safety, hygiene
and environmental consultancy services and security solutions to the public and
private sectors, is pleased to announce that it has now exchanged contracts
with GMP Holdings Limited for the sale of its Essex property for GBP305,000 in
cash. The property was previously occupied by the Company's now discontinued
asbestos consultancy business, Adamson's Laboratory Services Limited, and was
not required for the Group's other operations .
After legal costs and agent's fees, we anticipate that there will be net cash
proceeds of GBP290,000 to the Group from the sale which will be used for general
working capital purposes. The net proceeds will also strengthen our overall
cash position and allow us to seek to reduce the size of our banking facility
with HSBC from GBP3000,000 to GBP150,000 when it is renewed in November 2018. The
book value of the property as at 31 March 2018 was GBP134,631.
The sale is expected to complete today.
For further information please contact:
PHSC plc
Stephen King 01622 717 700
Stephen.king@phsc.co.uk
www.phsc.plc.uk
Strand Hanson Limited (Nominated Adviser)
Richard Tulloch/Frederick Twist 020 7409 3494
Novum Securities Limited (Broker)
Colin Rowbury 020 7399 9427
About PHSC
PHSC plc, through its trading subsidiaries Personnel Health & Safety
Consultants Ltd, RSA Environmental Health Ltd, QCS International Ltd,
Inspection Services (UK) Ltd and Quality Leisure Management Ltd, provides a
range of health, safety, hygiene, environmental and quality systems consultancy
and training services to organisations across the UK. B2BSG Systems Ltd offer
innovative security solutions including tagging, labelling and CCTV.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR").
END
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