Warpaint London PLC Leases of Premises (7140I)
09 8월 2023 - 3:00PM
UK Regulatory
TIDMW7L
RNS Number : 7140I
Warpaint London PLC
09 August 2023
9 August 2023
Warpaint London PLC
("Warpaint", the "Company" or the "Group")
Leases of premises at The Ridgeway Trading Estate, Iver
Warpaint London plc (AIM: W7L), the specialist supplier of
colour cosmetics and owner of the W7 and Technic brands, announces
that it has entered into two new leases relating to the premises at
Units A and E, at The Ridgeway Trading Estate, Iver,
Buckinghamshire through to August 2026. The Iver site is the
location of the Group's head office and principal southern hub for
the Group's W7 business, and comprises office, showroom and
warehouse space.
Terms of the lease agreements for Units A and E
Two new lease agreements have been entered into between Warpaint
Cosmetics Limited (a private company, which is not part of the
Group, being the owner and landlord) and Warpaint Cosmetics (2014)
Limited (a subsidiary of the Company and part of the Group, being
the lessee) in relation to the two Units A and E (the "Iver Lease
Agreements"). The annual rent for Unit A is GBP138,000 and for Unit
E, GBP110,250, in each case plus property and rent insurance
expenses. The expiry date for both new leases is 2 August 2026,
making these coterminous with the existing leases of the other
Units (B, C and D) currently occupied by the Group at The Ridgeway
Trading Estate, Iver.
The Iver Lease Agreement for Unit A commences on 8 August 2023.
Unit A comprises 11,184 sq ft of warehouse and office space and the
entry into this lease allows the majority of the W7 warehouse,
office and showroom operations to be consolidated onto one site.
The Group has been in occupation of Unit E since September 2020,
initially under an informal arrangement with Warpaint Cosmetics
Limited, with the Iver Lease Agreement of Unit E commencing with
effect from 6 October 2021. The Group has been accruing assumed
rent for Unit E since 1 September 2020 at a level consistent with
the terms of the lease that has now been agreed. Unit E comprises
9,000 sq ft of office space.
The new leases mean that the Group now occupies the entirety of
units A to E at The Ridgeway Trading Estate, enabling its head
office, southern operations and the majority of the W7 warehousing
to be housed in one location, considerably improving the Group's
logistics.
Related Party Transaction
The entering into the Iver Lease Agreements and the above
arrangements with Warpaint Cosmetics Limited are related party
transactions pursuant to AIM Rule 13 , as the directors and
beneficial owners of Warpaint Cosmetics Limited are Samuel Bazini,
Chief Executive Officer of the Company, and Eoin Macleod, Managing
Director of the Company. The Company's independent directors, being
Clive Garston, Neil Rodol, Sally Craig, Paul Hagon and Keith Sadler
consider, having consulted with the Company's nominated adviser,
Shore Capital and Corporate Limited, that the terms of the Iver
Lease Agreements and the above arrangements are fair and reasonable
insofar as the Company's shareholders are concerned.
Enquiries:
Warpaint London c/o IFC
Clive Garston - Chairman
Neil Rodol - Chief Financial Officer
Shore Capital (Nominated Adviser and Broker)
Patrick Castle, Daniel Bush - Corporate Advisory
Fiona Conroy - Corporate Broking 020 7408 4090
IFC Advisory (Financial PR & IR)
Tim Metcalfe, Graham Herring, Florence Chandler 020 3934 6630
Warpaint London plc
Warpaint sells branded cosmetics under the lead brand names of
W7 and Technic. W7 is sold in the UK primarily to retailers and
internationally to local distributors or retail chains. The Technic
brand is sold in the UK and continental Europe with a significant
focus on the gifting market, principally for high street retailers
and supermarkets. In addition, Warpaint supplies own brand white
label cosmetics produced for several major high street retailers.
The Group also sells cosmetics using its other brand names of
Man'stuff, Body Collection and Chit Chat.
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END
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