Completion of sale of property

 

TIDMDISL 
 
RNS Number : 1433W 
Discover Leisure PLC 
15 November 2010 
 

15 November 2010 
 
 
                              DISCOVER LEISURE PLC 
                      ('Discover Leisure' or 'the Group') 
 
                         Completion of sale of property 
 
On 11 November 2010 Discover Leisure completed the sale of its Portsmouth site 
for a cash consideration of GBP1,650,000 to BDW Trading Limited, part of Barratt 
Developments plc. A profit of GBP150,000 will be realised based upon its book 
value of GBP1,500,000. This completes the sale of the seven surplus properties 
which arose as a result of the restructuring of the group in the early summer of 
2009. All seven properties have realised a total of GBP4,865,000 compared with a 
valuation in April 2009 of GBP4,400,000. All proceeds have been used to pay down 
the Group's asset disposal loan with Natwest Bank and this final disposal leaves 
a balance of GBP293,000. A monthly repayment schedule has been agreed of 
GBP10,000 in the months of October to March inclusive and GBP19,000 from April 
to September with any balance remaining being payable in May 2012. This loan 
incurs interest at 4.75% above LIBOR. 
 
+-----------------------------------+-----------------------------+ 
|                                   |                             | 
| For further information please    |                             | 
| contact:                          |               01430 803 385 | 
|                                   |                             | 
| Discover Leisure plc              |                             | 
+-----------------------------------+-----------------------------+ 
| David Morrow, Chairman            |                             | 
+-----------------------------------+-----------------------------+ 
| Trevor Parker, Chief Executive    |                             | 
+-----------------------------------+-----------------------------+ 
| Neil Harwood, Finance Director    |                             | 
+-----------------------------------+-----------------------------+ 
|                                   |                             | 
| Panmure Gordon (UK) Limited       |               020 7459 3600 | 
+-----------------------------------+-----------------------------+ 
| Andrew Godber / Stuart Gledhill   |                             | 
+-----------------------------------+-----------------------------+ 
|                                   |                             | 
| Cubitt Consulting                 |               020 7367 5100 | 
+-----------------------------------+-----------------------------+ 
| Chris Lane /  Samantha Boston     |                             | 
+-----------------------------------+-----------------------------+ 
 
 
Background Note 
 
Discover Leisure is a leading specialist caravan, motor home and leisure 
industry retailer which floated on AIM in May 2005.  The Group's strategy is to 
lead the consolidation and modernisation of caravan and motorhome retailing in 
the UK, which also creates opportunities to sell outdoor leisure products from 
its branches and over the internet. 
 
In August 2005, Discover Leisure acquired the company which owned Harringtons 
Caravans.  On 8 September 2006, it acquired Leisure World, which owned four 
caravan retail outlets, for GBP5.75 million, followed on 3 July 2007 by the 
acquisition of Barrons Holdings, a leading retailer of caravans, motor homes and 
associated accessories with seven retail branches across the country, for 
GBP20.0 million.  On the same date, Mendip Caravan Centre, which operates three 
retail branches, was purchased for a total consideration of GBP2.2 million. On 
12 March, 2008, Discover Leisure announced the acquisition of the motor homes 
dealership based on a five acre site in Cannock in Staffordshire from the 
Brownhills Group for GBP2.66 million. 
 
With a rapid decline in the demand for leisure vehicles following the global 
financial crisis in 2008, the Group undertook a major restructuring of the 
business in 2009 including the proposal and subsequent approval of a Company 
Voluntary Arrangement (CVA), refinancing of its banking facilities and closure 
of eleven of its trading sites. 
 
The Group now has 5 branches employing 260 people across the north of England. 
The branches are located at: Birtley (Tyneside), Delamere (Cheshire), Chorley 
(Lancashire), Darlington (County Durham) and York (Yorkshire).  Its head office 
is situated in East Yorkshire. 
 
The board consists of David Morrow, Chairman; Trevor Parker, Chief Executive; 
and Neil Harwood, Finance Director.   The Non Executive Directors are Ian 
Currie, Simon Dixon and James Hayward. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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