W.H. Ireland Group Plc (LON:WHI) confirms today that it has, through its wholly owned subsidiary Readycount Limited, disposed of its freehold property at 11 St James`s Square, Manchester (the “Property”) to Beech Developments (Manchester) Limited (“Beech Developments”) for £5.27 million, in cash. The sale proceeds represent a premium to the carrying book value of £4.75 million.
At the same time, the Company has entered into a lease with Beech Developments, pursuant to which the employees of the Company’s Manchester office will remain in the Property for at least a further five months, and thereafter will move to another leased property in Central Manchester.
The Company will use the sale proceeds for general corporate purposes.
Commenting on the transaction, W.H. Ireland Group Plc Chief Executive Officer, Richard Killingbeck said: “We are pleased to be able to report a further successful element of the transformation programme at WH Ireland. The proceeds of this sale will bring greater flexibility to the business in the future as we look to continue to refocus and invest in both divisions of the Company. Our Manchester presence in the future will be enhanced by a new central office location focused upon the provision of our Private Wealth Management and Wealth Planning services and the majority of our new middle office team. This move to a new office, once completed in the summer of 2017, will reinforce our commitment to both Manchester and the North West.”