Early exit of Paris lease

Source: RNS
RNS Number : 2427E
Mulberry Group PLC
06 July 2021
 

 

Mulberry Group plc

("Mulberry" or the "Company")

 

Early exit of Paris lease

 

Mulberry announces that its wholly owned subsidiary, Mulberry Company (France) SARL, has agreed to terminate the lease of its store at 275 Rue Saint Honoré, Paris, France (the "Property") and exit the Property early.

 

As at 27 March 2021, the book value of the Property in the Company's accounts was £7.9 million. The consideration, which is receivable once Mulberry has exited the Property, expected to be during September 2021, is £13.2 million.

 

The net proceeds after tax, expected to be around £10.8 million, will strengthen further the Company's cash position and support investment opportunities in line with its strategic plans.

 

The Company plans to open a new store in Paris once international tourism returns. The objective will be a location which supports the Company's omni-channel approach and optimises its customer centric retail experience.

 

Sterling amounts translated from Euros at an exchange rate of £1=€1.17

 

This announcement is released by Mulberry and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. This announcement is being made on behalf of the Company by Charles Anderson, Group Finance Director of Mulberry.

 

Enquiries:

 

Mulberry Group plc

Charles Anderson (Group Finance Director)

Tel: +44 (0) 20 7605 6793

 

 

GCA Altium (Financial Adviser and NOMAD)

Tel: +44 (0) 20 7484 4040

Tim Richardson

 

 

 

Headland (Public Relations)

Tel: +44 (0) 20 3805 4822

Lucy Legh / Jane Glover

 

 

 

Barclays (Broker)

Tel: +44 (0) 20 3134 9801

Nicola Tennent

 

 

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