Rotala PLC Acquisition of a depot in Eccles (9786U)
31 March 2023 - 10:29PM
UK Regulatory
TIDMROL
RNS Number : 9786U
Rotala PLC
31 March 2023
RNS
31 March 2023
Rotala Plc
("Rotala", the "Company" or the "Group")
Acquisition of a depot in Eccles, Greater Manchester
Rotala (AIM: ROL.L), an operator of bus routes in the UK for
businesses, local authorities and the general public, is pleased to
announce the acquisition in the Eccles area of Greater Manchester
of a freehold depot from WAG Holdings Limited for a consideration
of GBP1.9 million payable in cash (the "New Eccles Depot").
In its circular to shareholders dated 26 January 2023, the
Company set out its capital expenditure plan for freehold property
in each of its 2023 and 2024 financial years. In that plan, the
Company stated that it expected to build a new freehold depot in
the Eccles area to compensate for the proposed disposal of its
Bolton depot as part of the franchise process in Greater
Manchester. However, subsequently, the Company has instead been
able to acquire the New Eccles Depot which is directly opposite its
current depot in Eccles.
The New Eccles Depot, taken together with the Company's existing
depot in Eccles and the planned short-term lease of another small
depot in central Bolton, will provide ample space for the Company's
operational needs in the Greater Manchester area for the
foreseeable future. It will no longer be necessary therefore for
the Company to build a new depot in the Eccles area.
The consideration has been wholly financed from the Company's
existing Revolving Commercial Facility with its bankers, HSBC Bank
Plc.
Rotala Plc 0121 322 2222
John Gunn, Chairman
Simon Dunn, Chief Executive
Kim Taylor, Group Finance Director
Shore Capital 020 7408 4090
Tom Griffiths / James Thomas / Lucy Bowden (Corporate Advisory)
Henry Willcocks (Corporate Broking)
About the business
Rotala provides a range of transport solutions, ranging from
local bus services under contract to local authorities, through to
commercial bus routes. Rotala has operations at Heathrow Airport,
in the West Midlands and in the North West. Operating companies are
Diamond Bus Ltd, Diamond Bus (North West) Ltd, Diamond Bus (East
Midlands) Ltd, Hallmark Connections Ltd and Preston Bus Ltd.
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