12 October 2010 – sale and leaseback
A sale and leaseback has been agreed with JLW Properties Limited relating to a property in Dunstable. Palagan, a subsidiary which manufactures high strength customised films, is based at the site. The consideration is £1.3m in cash and Plastics Capital has entered into a 15 year lease, with five yearly rent reviews, commencing at £120k per annum. This reduces net debt and frees up capital which can be put to good use. BUY.