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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Trafalgar Property Group Plc | AQSE:TRAF.GB | Aquis Stock Exchange | Ordinary Share | GB00BMGS6031 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.055 | 0.03 | 0.08 | 0.055 | 0.055 | 0.055 | 0.00 | 07:01:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2022 to Apr 2024
TIDMTRAF
RNS Number : 9596K
Trafalgar Property Group PLC
28 December 2022
28 December 2022
TRAFALGAR PROPERTY GROUP PLC
("Trafalgar", the "Company" or "Group")
Interim Results
for the six months ended 30 September 2022
Trafalgar (AIM: TRAF), the AIM quoted residential property developer operating in southeast England, announces its interim results for the six months ended 30 September 2022 (the "Period").
Key financials:
-- Turnover for the Period was GBP17,798, (H1 2021: GBP390,139);
-- Gross profit of GBP17,798, (H1 2021: gross profit GBP6,955), giving a loss before tax of GBP444,137 (H1 2021: pre-tax loss: GBP338,139);
-- EPS of (0.20p) (H1 2021 (0.35p); and
-- Cash in bank at period end was GBP152,897 (H1 2021: GBP24,329); at 19 December 2022 cash at bank was GBP48,824
-- James Dubois, Non-Executive Chairman of Trafalgar, said: "The last few years have been very challenging times, with Covid-19 impacting the markets in general for over two years and now we have entered a period of high inflation, which is still over 10%, cost of living still close to a forty year high and continuing rising interest rates.
However, the results for the six months to 30 September 2022 are showing some positive activity with sales of some of the Group's investment properties, planning permission being granted on one of its speculative sites and an acquisition for a new build having now been financed."
Copies of the interim report will be available later today on the Company's website, www.trafalgarproperty.group
Enquiries:
Trafalgar Property Group Plc James Dubois +44 (0) 1732 700 000 Spark Advisory Partners Ltd - AIM Nominated Adviser Matt Davis +44 (0) 20 3368 3550 Peterhouse Capital Limited - Broker Duncan Vasey/Lucy Williams +44(0)20 7409 0930
Notes to Editors:
Trafalgar Property Plc is the holding company of Trafalgar New Homes Limited and Trafalgar Retirement+ Limited, residential property developers operating in the southeast of England. The founders have a long track record of developing new and refurbished homes, principally in Kent and Surrey.
The Company's focus is on the select acquisition of land for residential property development. The outsources all development activities, for example the obtaining of planning permission, design and construction, and uses fixed price build contracts, enabling it to tightly control its development and overhead costs.
For further information visit www.trafalgarproperty.group .
TRAFALGAR PROPERTY GROUP PLC
INTERIM REPORT FOR THE SIX MONTHSED 30 SEPTEMBER 2022
CHIEF EXECUTIVE'S REPORT
I present the Company's Interim Results for the six month period to 30 September 2022. Revenue for the period was GBP17,798 and cost of sales was GBPnil giving a gross profit for the period of GBP17,798.
Mortgage and private loan interest was paid during the period of GBP32,726 with a further GBP42,768 of loan note equity interest being accrued in the period. The result of the above is a loss before taxation for the period of GBP441,137.
Reflecting on the issues of the previous two years in the economy and the challenges businesses and consumers have faced, the directors have considered relevant information including the current cost-of-living crisis, higher interest rates and even higher inflation, which are driving a challenging market and have performed a robust analysis of future cash flows.
Based on their assessments and having regard to resources available to the entity, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.
A summary of activities in the 6 months to 30 September 2022 for the Group are as follows:
- Trafalgar New Homes secured funding from Lloyds Bank plc in May 2022 of GBP387,600 to purchase a development site in Speldhurst which completed in July 2022. This is a single site with full planning for a single detached house and we are currently awaiting building regulation approval prior to appointment of a contractor.
- Retirement+ has recently been granted planning permission on a site in Leatherhead where we hold an option to acquire the site. Work is now underway to assess the viability of carrying out the development, given the increases in costs the market is experiencing, or to onward sell the site as is with planning permission.
- Selmat sold one of its investment properties at Burnside in May 2022 for GBP337,000 and are continuing to actively market its remaining property although Flat 2 is under offer at GBP325,000 with the survey and mortgage valuation already having been carried out. In addition, an offer has been accepted in principle on Orchard House for GBP1,050,000 but the prospective buyer has yet to sell their property.
Following the period end, November 2022, the company acquired a hydroponic research and development facility as part of its long term plan to facilitate its hydroponics strategy.
Paul Treadaway
Chief Executive
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Hot Features
Premium
6 month 6 month Year
period ended period ended ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2022 2021 2022
GBP'000 GBP'000 GBP'000
Revenue 18 390 65
Cost of sales (-) (383) (3)
-------------- -------------- ----------
Gross profit 18 7 62
(Loss) on disposal of investment
property (6) - (28)
Administrative expenses (380) (257) (460)
-------------- -------------- ----------
Underlying operating (loss) (368) (250) (426)
Fair value movement on investment
property valuation - - 112
Interest payable and similar
charges (76) (88) (172)
-------------- -------------- ----------
(Loss) before taxation (444) (338) (486)
Tax payable on profit on ordinary 4 - - -
activities
-------------- -------------- ----------
(Loss) after taxation for the
period (444) (338) (486)
-------------- -------------- ----------
Other comprehensive income
Total comprehensive (loss)
for the period (444) (338) (486)
(Loss) attributable to:
Equity holders of the parent (444) (338) (486)
-------------- -------------- ----------
Total comprehensive (loss)
for the period attributable
to:
Equity holders of the parent (444) (338) (486)
(LOSS) PER ORDINARY SHARE;
Basic/Diluted 5 (0.20)p (0.35)p (0.34)p
-------------- -------------- ----------
All results in the current and preceding financial period derive from continuing operations.
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
Note 2022 2021 2022
GBP'000 GBP'000 GBP'000
Non-current assets
Tangible fixed assets 1 1 1
Investment property 9 - 1,533 -
------------ ------------ ----------
1 1,534 1
Current assets
Inventory 339 87 26
Trade and other receivables 54 14 40
Investment properties 10 1,375 - 1,712
Cash at bank and in hand 153 24 13
------------ ------------ ----------
1,921 125 1,791
------------ ------------ ----------
Total assets 1,922 1,659 1,792
------------ ------------ ----------
EQUITIES AND LIABILITIES
Current liabilities
Trade and other payables 468 470 370
Borrowings 760 - 870
------------ ------------ ----------
1,228 470 1,240
Non-current liabilities
Borrowings 3,886 4,490 3,825
------------ ------------ ----------
Total liabilities 5,114 4,960 5,065
------------ ------------ ----------
Equity attributable to equity
holders of the Company
6 &
Called up share capital 7 2,860 2,727 2,727
Share premium account 3,485 3,250 3,250
6 &
Loan note equity 7 145 104 30
Reverse acquisition reserve (2,818) (2,818) (2,818)
Capital contribution reserve 8 158 - 158
Profit and loss account (7,022) (6,564) (6,620)
------------ ------------ ----------
Total Equity (3,192) (3,301) (3,273)
------------ ------------ ----------
Total Equity and Liabilities 1,922 1,659 1,792
------------ ------------ ----------
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Loan Reverse Retained Capital Total
capital premium Note acquisition profits contribution equity
equity reserve /(losses) reserve
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2022 2,727 3,250 30 (2,818) (6,620) 158 (3,273)
(Loss)/Profit
for period - - - - (444) - (444)
Other - - - - - - -
comprehensive
income for the
period
---------------- ----------- ----------- ----------- --------------- ------------- ---------------- ---------
Total
comprehensive
income for the
period - - - - (444) - (444)
Issue of shares 133 267 - - - - 400
Share issue
costs - (32) - - - - (32)
Loan note
equity 157 157
Movement in
loan
note equity
reserve - - (42) - 42 - -
At 30 September
2022 2,860 3,485 145 (2,818) (7,052) 158 (3,192)
------- ------- ------- ----------- --------- -------- --------
For the purpose of preparing the consolidated financial statement of the Group, the share capital represents the nominal value of the issued share capital of 0.1p per share. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issue.
The reverse acquisition reserve related to the reverse acquisition between Trafalgar Property Group plc and Trafalgar New Homes Limited on 11 November 2011.
Loan note equity further details are provided in Note 6, 7 & 8
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
CONSOLIDATED STATEMENT OF CASH FLOWS
6 month 6 month Year
period ended period ended ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
2022 2021 2022
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Operating (loss)/profit (444) (338) (486)
Depreciation charges - - 1
Loss on sale of investment property 6 22 22
Fair value movements on investment
property - 67 (112)
(Increase)/decrease in stocks (313) (8) 53
(Increase)/decrease in debtors (14) 19 (7)
Increase/(Decrease) in creditors 98 (9) (54)
Loan note equity movement - - 59
Interest paid 76 88 172
Net cash inflow/(outflow) from
operating (591) (159) (352)
-------------- -------------- -----------
Activities
Investing activities
Disposal of investment property
& revaluation 331 353 353
Purchase of tangible fixed assets - - -
Net cash used in investing activities 331 353 353
-------------- -------------- -----------
Taxation - - -
-------------- -------------- -----------
Financing activities
Issue of shares 400 - -
Share issue costs (32) (418) -
New loan borrowings 91 (25) (453)
Related party new loan borrowings - 94 297
Loan note equity movement 115 - -
Repayment loan borrowings (140) (4) -
Repayment other borrowings - - (10)
Interest paid (34) (63) (68)
-------------- -------------- -----------
Net cash flow from financing 400 (416) (234)
-------------- -------------- -----------
Increase/(decrease) in cash and
cash equivalents 140 (222) (233)
-------------- -------------- -----------
in the period
Cash and cash equivalents at
the beginning of the year 13 246 246
-------------- -------------- -----------
Cash and cash equivalents at
the end of the year 153 24 13
-------------- -------------- -----------
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for Trafalgar Property Group Plc ("the Company") and its subsidiary undertakings. The Company is incorporated in England and Wales.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom (UK IFRS). The interim financial information incorporates the results for the Group for the six month period from 1 April 2022 to 30 September 2022. The results for the year ended 31 March 2022 have been extracted from the statutory financial statements for the Group for the year ended 31 March 2022. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2022, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.
The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the group's annual financial statements for the year ended 31 March 2022.
The interim consolidated financial information incorporates the financial statements of Trafalgar Property Group Plc and its subsidiaries.
The interim financial information for the six months ended 30 September 2022 was approved by the directors on 21 December 2022
3. SEGMENTAL REPORTING
For the purpose of IFRS 8, the chief operating decision maker ("CODM") takes the form of the Board of Directors. The Directors' opinion of the business of the Group is that the principal activity of the Group was property development and there is considered to be one reportable segment, that of property development carried on in the UK. The internal and external reporting is on a consolidated basis with transactions between Group companies eliminated on consolidation. Therefore the financial information of the single segment is the same as that set out in the consolidated statement of comprehensive income, the consolidate statement of changes in equity, the consolidated statement of financial position and cash-flows.
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
NOTES TO THE FINANCIAL INFORMATION
4. TAXATION
6 month 6 month Year
period ended period ended ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
2022 2021 2022
GBP'000 GBP'000 GBP'000
Current tax - - -
-------------- -------------- -----------
Tax charge/(credit) - - -
-------------- -------------- -----------
Loss/(profit) on ordinary activities
before tax (444) (338) (486)
Based on profit for the period:
Tax at 20% - - -
Effect of:
Losses (not utilised)/utilized - - -
-------------- -------------- -----------
Tax charge for the period - - -
-------------- -------------- -----------
No tax provision has been made on account of brought forward losses.
5. PROFIT/(LOSS) PER ORDINARY SHARE
The calculation of profit/ (loss) per ordinary share is based on the following (losses) and number of shares:
6 month 6 month Year
period ended period ended Ended
30 September 30 September 31 March
(Unaudited) (Unaudited) (Audited)
2022 2021 2022
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (444) (338) (486)
-------------- -------------- -----------
Weighted average number of shares
for basic 224,850 95,644 142,519
-------------- -------------- -----------
(loss)/profit per share
Weighted average number of shares
for diluted 224,850 95,644 142,519
-------------- -------------- -----------
profit/(loss) per share
(LOSS)/PROFIT PER ORDINARY SHARE;
Basic (0.20)p (0.35)p (0.34)p
-------------- -------------- -----------
Diluted (0.20)p (0.35)p (0.34)p
-------------- -------------- -----------
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
NOTES TO THE FINANCIAL INFORMATION
6. SHARE CAPITAL
Authorised Share Capital
30 September 31 March
2022 2022
Number Number
Ordinary shares of 0.01p each 1,425,190,380 1,425,190,380
Issued in year:
Ordinary shares of 0.01p
1,333,333,330 -
-------------- --------------
Total ordinary shares of 0.1p
in issue 2,758,523,710 1,425,190,380
-------------- --------------
Total ordinary shares of 0.1p
in issue following
Consolidation 275,852,371 142,519,038
Deferred shares of 0.9p in issue 287,144,228 287,144,228
Deferred shares of 0.9p arising - -
from re-organisation
-------------- --------------
Total deferred shares of 0.9p
in issue 287,144,228 287,144,228
-------------- --------------
Equating to: 30 September 31 March
2022 2022
GBP'000 GBP'000
Ordinary shares 276 143
Deferred shares 2,584 2,584
-------------- --------------
2,860 2,727
-------------- --------------
Authorised Share Capital 30 September 31 March
2022 2022
GBP'000 GBP'000
Called up share capital 2,860 2,727
Share premium 3,485 3,250
Loan notes equity reserve 145 30
For the purposes of preparing the consolidated interims for the Group, share capital represents the nominal value of the issued share capital of 0.1p per share (2021:0.1p per share). Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses plus deferred shares of 0.9p after issued share capital of 1p
On 10 June 2022, the Company issued 133,333,333 new ordinary shares at 0.1p fully paid up in cash at 0.3p per share under a placing which was announced on 1 June 2022, raising GBP 400,000 before expenses.
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHSED 30 SEPTEMBER 2022
NOTES TO THE FINANCIAL INFORMATION
Since year end 31 March 2022 the Company has agreed with Mr C C Johnson a consolidation and variation of terms of the two unsecured convertible loan notes and direct debt held by him. The conversion of the total amount owed to him by the Company (GBP905,000) has resulted in the issue to Mr C C Johnson of a new unsecured conversation loan note for an aggregate amount of GBP905,000, expiring 31 July 2024. This has replaced:
- The GBP 600,000 unsecured convertible loan notes issued in July 2020 which would have been redeemable on 31 July 2022 and which were convertible at 2p per share (following the share consolidation in December 2020) and carried the right upon a conversion of the loan notes, to the grant of warrants to subscribe for ordinary shares on a one to one basis, exercisable at the conversion price of 2p for a period of two years from the date of grant;
- The GBP 200,000 unsecured convertible loan notes comprised in the loan facility entered into in November 2021, which would have been redeemable on 30 November 2022, and which were convertible at 0.7p per share;
- GBP 105,0000 owed to him by the Company on directors loan account.
The new unsecured convertible loan note is convertible in full into 226,250,000 ordinary shares of 0.4p per ordinary share and can be converted by Mr Johnson , subject inter alia to his entire holding being less than 29.99 per cent of the voting rights in issue in the Company.
The new unsecured convertible loan note carried the right upon a conversion, to the grant of warrants to subscribe for ordinary shares on a one for one basis, exercisable at the conversion price for a period of two year from the date of grant.
Loan note equity reserve is the amount that has been provided for in respect of the difference between the cash value and liability element of the loan notes.
The convertible loan notes have been accounted for as having both a debt and an equity element. This results in the creation of a loan note equity reserve at the point of issue. This loan note equity reserve is the difference between the loan note value received by the company of GBP 905,000 (31 3 22: GBP800,000) and the fair value of a debt only instrument with a 10% imputed interest rate and a final settlement figure of GBP800,000 in July 2022. This 10% imputed interest rate of GBP24,242 (2021: 33,058), is managements' best estimate as to the interest rate that would be expected from the market for an unsecured loan of GBP905,000 without a conversion element.
Defer red sh a res do n ot entitle the h old er to r eceive notice of and to attend or v o te at a ny gener al meeting of the C o m pany or to receive div i den ds or other distrib u tio n s. U pon win ding up or dis s olu tion of the C o m pany the h o l d e rs of defer r ed shares shall be entitled to r eceive an am o unt eq ual to the n o minal am ou nt paid up th e r e o n, b ut o nly after h o l d e rs of o r din a ry shares have r eceived GBP10 0 , 0 00 p er o r dinary share. H o l d ers of def e r red sh a res are not entitled to any further rights of participation in the assets of the Company. The Company has the right to purchase the deferred shares in issue at any time for no consideration.
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 SEPTEMBER 2021
NOTES TO THE FINANCIAL INFORMATION
7. SHARE OPTIONS AND WARRANTS
Sh are optio ns or warran ts as at t he period e n d and in 2021 are as follows:
On 14 J u l y 2020 warran ts to s u b scribe f or ordinary shar es of 0.0 1p were g ranted as f ollo w s :
(a) Su b scribers to t he placing e f f ected in J u ly 2020 were g r a nted warran ts to s u b scribe f or up to 937 , 500 , 000 shares f or a period of t wo year s, e x e rcisable at 0.2p per share;
(b) Peter h o use Capital L i mited w as g ranted warrants to s u b scribe f or shares eq u i valent up to 3% of the issued ordinary share capital from time to time, exercisable f or a p e riod of t wo year s, at 0.0 8p per share.
Following the consolidation of ordinary shares in December 2020, the warrants have been adjusted and comprise place warrants to subscribe for up to 93,750,000 ordinary shares of 0.1p at 2p per share, and the warrants held by Peterhouse Capital Limited are exercisable at 0.8p per share.
Further on 14 July 2020 GBP600,000 of convertible loan notes were issued to Mr C C Johnson as part of arrangements to reorganise loans between him and the Group. The notes were repayable on 31 July 2022 and are convertible at any time into 300,000,000 ordinary shares of 0.01p at 0.2p per share. On conversion warrants to subscribe for up to 300,000,000 ordinary shares will be granted to Mr C C Johnson exercisable for a period of two years from the date of grant at 0.2p per share. Following the consolidation of ordinary shares in December 2020, the loan notes have been adjusted and are convertible into 30,000,000 ordinary shares of 0.1p at 2p per share, with warrants to be granted to subscribe for up to 30,000,000 ordinary shares of 0.1p each at 2p per share. On 31(st) July 2022 the original loan notes were merged into a new loan note of GBP 905,000 repayable on 31 July 2024, further details are given in note 6.
8. CAPITAL CONTRIBUTION
The capital contribution reserve of GBP 157,777 related to the renegotiation of interest accruing on loans to Mr G Howard - a related party for the year to 31 March 2022. Interest has reduced from 10% pa to 5% pa for the entire term of the loans and is now non compound. However interest has been paid on one loan of GBP 100,000 at the rate of 10% pa and this has not been affected and continues to be paid monthly.
TRAFALGAR PROPERTY GROUP PLC
CONSOLIDATED UNAUDITED INTERIM RESULTS FOR THE
SIX MONTHS ENDED 30 SEPTEMBER 2022
NOTES TO THE FINANCIAL INFORMATION
9. INVESTMENT PROPERTY
30 September 31 March
2022 2022
GBP'000 GBP'000
FAIR VALUE
01 April 2022 0 1975
Transferred to current
assets 0 -1975
------------- ---------
30 September 2022 0 -
------------- ---------
NET BOOK VALUE
As at 30 September 2022 0 0
------------- ---------
As at 31 March 2022 0 0
------------- ---------
All investment property has been transferred at 31 March 2022 to current assets see note 10.
10. CURRENT ASSET PROPERTIES
FAIR VALUE 2022 2022
GBP'000 GBP'000
b/fwd 1 April 2022 1,712 -
Additions - 1,975
Disposals -337 -375
Revaluation - 112
-------- --------
31 March 2022 1,375 1,712
-------- --------
Net Book Value
--------
At 30 September 2022 1,375 -
-------- --------
At 31 March 2022 1,712
--------
Fair value at 30 September 2022
is represented by
Revaluation in 2022 (2021:cost) 1,375 1,712
-------- --------
LOSS ON DISPOSAL
Fair value 337 375
Disposal proceeds including costs
of sale 331 353
-------- --------
Loss on disposal 6 22
-------- --------
Properties have been assessed at Fair value basis at 31 3 2022 by using level 3 fair value hierarchy and using the selling price achieved following the sale of one leasehold property in May 2022 for GBP 337,000. The directors do not consider there has been any change in these valuations since the year end. In addition an offer and sale pending has been made on the freehold property at GBP 1,050,000. The one remaining property is being marketed following the tenants vacating the property. The prices attained were assessed by independent estate agents based on current prices in an active market for similar properties for similar locations and condition.
11. SUBSEQUENT EVENTS
Both investment properties within Selmat Ltd are under offer as at the date of signing these interim results. The property at Burnside is under offer at GBP325,000 with the survey and mortgage valuation already having been carried out. Completion is estimated for early January and we are currently awaiting exchange. Orchard House remains under offer at GBP1,050,000 but the buyer has yet to sell their own property.
The Leatherhead site within Trafalgar Retirement + Ltd has been recently granted planning consent following a successful Appeal and we continue to hold an option to buy this site. We are currently exploring whether to sell this onto another interested purchaser as is, rather than undertake the actual development ourselves.
Trafalgar New Homes Ltd after securing funds from Lloyds Bank in May 22 purchased a development site in Barden Road, Speldhurst, Kent, in July 2022. The purchase came with planning permissions for a single detached house and we are currently awaiting building regulation approval prior to appointing a contractor. This site is likely to commence building in January 2023.
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