Creo Medical Group PLC Acquisition of freehold site for GBP4.25m (7133B)
14 June 2021 - 4:00PM
UK Regulatory
TIDMCREO
RNS Number : 7133B
Creo Medical Group PLC
14 June 2021
Creo Medical Group plc
("Creo" or the "Company")
Acquisition of freehold site for GBP4.25m
Expansion of Chepstow footprint to support commercial
roll-out
Creo Medical Group plc (AIM: CREO), the medical device company
focused on the emerging field of surgical endoscopy, announces that
it has exchanged contracts to acquire the freehold interest in the
current site of Creo House, the Company's main headquarters in
Chepstow ('Unit 2'), as well as the adjacent site ('Units 6-9') for
a total consideration of GBP4.25 million in cash. Creo expects to
complete the acquisition in early July.
Creo House has current total capacity of approximately 18,000 sq
ft and the adjacent site, subject to receiving planning permission,
will provide an additional 16,000 sq. ft. of increased capacity.
This additional capacity will support Creo's commercial,
operational and logistic footprint across Europe (following the
acquisition of Albyn Medical S.L. in July and Boucart Medical SRL
in November 2020) and will also provide additional manufacturing
capacity for the commercial roll-out of the full range of products
from the Creo GI (gastro-intestinal) suite of advanced energy
devices which complement the Company's CROMA Advanced Energy
Platform ("CROMA") and Speedboat device for use in Gastrointestinal
("GI") therapeutic endoscopy.
The freehold will be acquired from Fastnet Property Investments
Limited, the original developer of the site.
Craig Gulliford, Chief Executive Officer of Creo, commented: "
We are delighted to have secured the freehold of Creo House as well
as the adjacent site which, subject to planning permission, will
provide increased capacity to support our commercial, operational
and logistic footprint across Europe; as well as providing
additional manufacturing capacity for the commercial roll-out of
the full suite of advanced energy devices. By acquiring these
sites, we are not only showing a firm commitment to Wales, but we
are also giving our workforce even greater stability. The expansion
is reflective of the rapid growth within Creo ."
Enquires:
Creo Medical Group plc investors.creomedical.com
Richard Rees (CFO) +44 (0)1291 606 005
Cenkos Securities plc +44 (0)20 7397 8900
Stephen Keys / Camilla Hume (NOMAD)
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
Paul McManus / Lianne Cawthorne Mob: +44 (0)7980 541 893 / +44 (0)7515
909 238
About Creo Medical
Creo Medical, founded in 2003, is a medical device company
focused on the development and commercialisation of minimally
invasive surgical devices, by bringing advanced energy to
endoscopy. The Company's mission is to improve patient outcomes by
applying microwave and RF energy to surgical endoscopy. Creo has
developed CROMA, an electrosurgical Advanced Energy Platform that
combines bipolar radiofrequency for precise localised cutting and
microwave for controlled coagulation. This technology provides
clinicians with flexible, accurate and controlled surgical
solutions.
The Company's strategy is to bring its CROMA Advanced Energy
Platform powered by unique full spectrum adaptive technology to
market enabling a suite of medical devices which the Company has
designed, initially for the emerging field of GI therapeutic
endoscopy, an area with high unmet needs. The CROMA Advanced Energy
platform will be developed further for bronchoscopy and laparoscopy
procedures. The Company believes its technology can impact the
landscape of surgery and endoscopy by providing a safer,
less-invasive and more cost-efficient option of treatment.
For more information about Creo Medical please see our website,
investors.creomedical.com
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END
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