PHSC Plc Sale of Property

 
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 
[e-mail] 
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 
 

(END) Dow Jones Newswires

September 28, 2018 02:00 ET (06:00 GMT)