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Hayward Tyler Group plc - Peterborough property – sale and leaseback agreement
Hamilton, Bermuda – 29 March, 2016 - In a filing with the Bermuda Stock Exchange (“BSX”), Hayward Tyler Group plc ("Hayward Tyler", the "Company" or “Group”; AIM: HAYT.L), announced the completion of the sale and leaseback of its Peter Brotherhood site. The filing stated:
Further to the announcement of the acquisition of Peter Brotherhood on 12 October 2015, the directors of Hayward Tyler Group plc (AIM: HAYT.L), the specialist engineering group, are pleased to announce the completion of the sale and leaseback of its 11.5 acre Peter Brotherhood site in Peterborough with Helical (Peterborough) Ltd (“HPL”) a special purpose vehicle owned by Helical Bar plc.
Under the agreement, HPL has acquired the property for £7.5 million with Peter Brotherhood Ltd as the tenant and Hayward Tyler as the guarantor. Peter Brotherhood Ltd has signed a 15 year lease with a market rent of £575,000 per annum and subject to market reviews after 5 and 10 years. Hayward Tyler will prepay senior borrowings saving estimated interest costs of approximately £250,000 on an annual basis as a result of the sale and leaseback.
Nick Flanagan, CFO of Hayward Tyler, commented:
“We believe this transaction provides an excellent mechanism through which to further strengthen our balance sheet following the acquisition of Peter Brotherhood for £9.8 million last October. This agreement, combined with the additional revenues that Peter Brotherhood brings to the Group, further underlines the value of the acquisition to Hayward Tyler as we continue to develop our presence in the power generation, oil & gas, and industrial sectors.”
Enquiries:
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Ewan Lloyd-Baker, Chief Executive Officer Nicholas Flanagan, Chief Financial Officer |
Tel: +44 (0)1582 731144 |
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Akur Limited – Corporate Finance Adviser David Shapton Tom Morrell |
Tel: +44 (0)20 7493 3631 |
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FinnCap Limited – NOMAD & Broker Matt Goode – Corporate Finance Grant Bergman – Corporate Finance Tony Quirke – Corporate Broking |
Tel: +44 (0)20 7220 0500
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GTH Communications Limited Liam O’Donoghue |
Tel: +44 (0) 20 7583 8304
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About Hayward Tyler Group plc
Hayward Tyler Group plc is a market leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments. Core markets for the group include: oil & gas exploration - both topside and subsea; power generation - both conventional and nuclear; and the chemical/industrials sector. With facilities in the UK, US, China and India, the Group has a proven reputation for providing innovative, reliable technological solutions built on a proud heritage stretching back over 200 years. www.haywardtyler.com