Photo-Me International PLC Sale of Head Office Site (7891Y)

TIDMPHTM

RNS Number : 7891Y

Photo-Me International PLC

07 March 2017

7 March 2017

Photo-Me International plc

('Photo--Me' or 'the Group')

Sale of Head Office Site

Photo-Me, the instant service equipment group, has today exchanged contracts with Shanly Homes Limited (SHL) for the sale of the freehold of its head office buildings in Bookham, Surrey for a consideration of GBP2.5 million. The land being sold comprises two buildings on a site of approximately 0.16 hectares.

SHL will pay Photo-Me GBP2.5 million in cash on completion, which is due to take place in early June 2017. The book value of the land being sold is GBP0.1 million and therefore the profit on the sale, before costs, will be approximately GBP2.4 million.

This disposal is part of the Group's review of its property portfolio in order to group the activities of its head office and UK operations, including the newly formed Retail business, into one location. This strategy will rationalise the Group's property footprint and will enable it to achieve further efficiencies in its UK operations.

Enquiries:

 
 Photo-Me International 
  plc: 
 Gabriel Pirona, CFO          + 44 (0) 1372 455 000 
 
 Hudson Sandler (Financial 
  PR)                         [phone] 
 Wendy Baker/ Emily Dillon 
 

About Photo-Me

Photo-Me operates a wide range of instant service equipment.

With 46,760 vending locations in 17 countries (primarily the UK, France and Japan), Photo-Me is the world's leading operator of photobooths, with 27,600 sited. The Group operates a diverse range of vending equipment, including digital printing kiosks, laundry machines, children's rides and amusement machines, in the most sought-after locations around the world.

Photo-Me sells a range of photo-processing equipment including photobook makers and digital printing kiosks.

The Company's shares have been fully-listed on the London Stock Exchange since 1962.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 07, 2017 11:44 ET (16:44 GMT)