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Posted 02/12/05 00:00
Norish is pleased to announce the acquisition of the land and property of its Wrexham facility from State Street Custodial Services (Jersey) Limited and Stralo Limited for a total consideration, net of costs, of £5.5 million. The Wrexham facility is a cold storage facility situated on circa 13 acres of land.
Norish has been leasing the Wrexham facility since September 1994 and the lease was to expire in September 2019. The acquisition of the Wrexham facility will result in rental savings of £378,500 per annum.
The purchase of Wrexham is being funded by a 15 year term loan from HSBC.
The acquisition of the Wrexham facility will further strengthen the ability of Norish to develop its existing facilities and broaden the range of services provided. It will increase the number of freehold sites operated by the group.