The Board of Lincat, the AIM listed manufacturer of commercial catering appliances, bar equipment and domestic range cookers, is pleased to announce that the Company today received a second non-refundable deposit of £1m against the sale of IMC’s former manufacturing site in Hertfordshire.
Contracts for the sale of the site for £7.5 million were exchanged on 11 April 2008, when an initial non-refundable deposit of £1m was received by the Company.
Martin Craddock, Chairman: “These funds will be used to further reduce the Company’s net borrowings, which amounted to £5.7m at 30 June 2008. We remain on course to repay all of our bank debt by the end of June 2009, when the balance of £5.5m is due from the purchaser of the site.”
30 September 2008
Lincat Group plc. Whisby Road, Lincoln, LN6 3QZ UK Tel: +44 (0)1522 875 555
