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Robinson PLC - Chesterfield, England-based plastic and paperboard packaging manufacturer - Sells operational property to a joint venture between Rotherhill Developments Limited and Euro Property Investments Ltd, completed on Wednesday. Robinson receives £2.5 million through the deal, under which Robinson will leaseback the property for six to nine months. It is currently used by Robinson for the manufacture of plastic packaging.
During the period of the lease, the firm relocates its production to existing Robinson premises in Kirkby-in-Ashfield, which will cost it about £600,000. ‘The intention of the group remains, over time, to realise the maximum value from the disposal of surplus properties and to reinvest the proceeds in developing our packaging business,’ the company adds. Meanwhile, the manufacturer said it completed a planned sale of the Norpap Property 2019 Ltd on March 31 for £975,000 to reduce its bank debt.
Current stock price: 88.00 pence, up 14% on Thursday
12-month change: down 41%
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