WLW Woolworths

    RNS Number : 9532W
  Woolworths Group PLC
  18 June 2008
   


    Woolworths Group plc
    18 June 2008
    
 


    Woolworths Group plc announces that its subsidiary Woolworths plc, has agreed to dispose of the leases on 4 London stores to Waitrose
for a consideration of �25.5 million.  The transaction is subject to Landlord consents but is expected to complete about 31 July 2008.

    The net book value of the stores concerned is approximately �2.6 million.  The profit on disposal will be treated as exceptional and is
expected to be in addition to the normal profits from property transactions which are included in retail operating profit. 

    The proceeds from the disposal, which will be received in cash at completion, will be used to reduce Group borrowings and finance
ongoing investment in the business.


    For further information please contact:
 Stephen East, Group Finance Director        020 7479 5179
 Susanna Voyle, Tulchan Communications       020 7353 4200
 Celia Gordon Shute, Tulchan Communications  020 7353 4200


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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