Richoux Group PLC Sale of Lease (6916H)

TIDMRIC

RNS Number : 6916H

Richoux Group PLC

19 November 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

19 November 2018

Richoux Group plc

("Richoux" or the "Group")

Sale of Lease

Richoux Group plc (AIM:RIC), the owner and operator of Richoux, Friendly Phil's, Villagio and The Broadwick restaurants, announces that it has entered into a conditional agreement to sell the lease to its Richoux Picadilly restaurant for a gross cash consideration of GBP500,000 (excluding VAT).

In the 53 weeks ended 31 December 2017, Richoux Piccadilly generated unaudited losses before tax of approximately GBP0.01million on revenues of approximately GBP1.1 million.

The sale of the lease remains conditional on obtaining the landlord's licence to assign and, subject to this being received, the sale would complete before 21 March 2019. The proceeds of the sale will be used for the ongoing working capital for the Group.

The Group has also entered into conditional agreements to assign the leases to its Friendly Phil's Braintree and Richoux Gloucester Road restaurants for a gross cash consideration of GBP25,000 and GBP100,000 respectively.

Jonathan Kaye, Chief Executive of Richoux, commented:

"Following the strategic review of our estate, we have entered into agreements, subject to satisfaction of certain conditions, to sell the leases to our Piccadilly, Braintree and Gloucester Road restaurants which, if successful, will enable us to focus on the remaining portfolio."

Enquiries:

 
 Richoux Group plc         (020) 7483 7000 
 Simon Morgan, Chairman 
 
 
 Cenkos Securities plc     (020) 7397 8900 
 Stephen Keys

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November 19, 2018 02:00 ET (07:00 GMT)

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