Robinson PLC Sale of Property (6133J)
28 April 2022 - 4:01PM
UK Regulatory
TIDMRBN
RNS Number : 6133J
Robinson PLC
28 April 2022
Robinson plc
28 April 2022
SALE OF PROPERTY
Robinson plc ("Robinson", the "Company" or the "Group"; stock
code: RBN), the custom manufacturer of plastic and paperboard
packaging, is pleased to provide a property update.
On 24 March 2022 the Company announced receipt and acceptance of
a non-binding offer to sell an operational property in
Sutton-in-Ashfield (the "Property"). The Group is now pleased to
announce the sale of the Property to a joint venture between
Rotherhill Developments Limited and Euro Property Investments
Limited, with exchange and completion having occurred on 27 April
2022. The Property is currently used by the Group for the
manufacture of plastic packaging. As part of the transaction, the
Group will leaseback the Property for six to nine months. During
this period, production will be relocated to a recently refurbished
building on existing Robinson premises in Kirkby-in-Ashfield. The
relocation will require investment of approximately GBP600,000 and
will provide future opportunities to improve operational efficiency
in the UK plastics business. The consideration payable is
GBP2,475,000 in cash, and the remaining monies after the investment
of GBP600,000 will be used by the Company to reduce current bank
debt. The book value of the property was GBP986,000 at 31 December
2021.
We are also pleased to provide an update on the sale of surplus
property announced on 24 March 2022. The sale to Norpap Property
2019 Limited completed as planned on 31 March 2022, consideration
of GBP975,000 was received and has been used to reduce current bank
debt.
Subject to the necessary planning approvals, we would expect
further sales of surplus property in Chesterfield to be achieved in
the next 18 months. 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.
Robinson plc www.robinsonpackaging.com
Helene Roberts, CEO Tel: 01246 389280
Mike Cusick, Finance Director
finnCap Limited
Ed Frisby / Seamus Fricker, Corporate Tel: 020 7220 0500
Finance
Tim Redfern / Barney Hayward, ECM
About Robinson:
Being a purpose-led business, Robinson specialises in custom
packaging with technical and value-added solutions for food and
consumer product hygiene, safety, protection, and convenience;
going above and beyond to create a sustainable future for our
people and our planet. Its main activity is in injection and blow
moulded plastic packaging and rigid paperboard luxury packaging,
operating within the food and beverage, homecare, personal care and
beauty, and luxury gift sectors. Robinson provides products and
services to major players in the fast-moving consumer goods market
including McBride, Procter & Gamble, Reckitt Benckiser, SC
Johnson and Unilever.
Headquartered in Chesterfield, UK, Robinson has 3 plants in the
UK, 2 in Poland and recently acquired a plant in Denmark, Schela
Plast. Schela Plast specialises in the design and manufacture of
plastic blow moulded containers, serving a number of the major FMCG
brands in Denmark and neighbouring countries.
Robinson was formerly a family business with its origins dating
back to 1839, currently employing nearly 400 people. The Group also
has a substantial property portfolio with development
potential.
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