MPG Maypole Group

    RNS Number : 5713K
  Maypole Group plc
  22 December 2008
   

    

    Maypole Group plc
    22 December 2008


    Maypole Group plc ("Maypole" or the "Company")

    Disposal of The Wroxton House Hotel

    Maypole today announces that it has entered into a sale and purchase agreement ("SPA"), through its wholly owned subsidiary Maypole
Banbury Limited, for the disposal of The Wroxton House Hotel including its freehold.

    Under the terms of the SPA with ESA Leisure Ltd, a privately owned company, Maypole  has disposed of the business and certain assets,
excluding debtors and cash, of The Wroxton House Hotel for a cash consideration amounting to �2.135 million. In addition, stock in trade has
been sold at the lower of cost and net realisable value.  The SPA, which contains various warranties from the Company, includes a limited
duration localised non-competitive covenant. The net sale proceeds have been used to reduce the company's existing borrowings. 

    The 32-bed Wroxton House Hotel, located near Banbury in Oxfordshire, made operating profits of circa �250,000 on turnover of circa
�950,000 in the year ended 31 December 2007. The carrying value of the assets being sold amounts to approximately �2.39 million.

    Simon Bentley, Chairman commented: "In line with our comments made at the time of our interim results announcement, the disposal of
freehold sales will be considered by the Board in order to pay down Group debt. We believe the time is now right to dispose of The Wroxton
House Hotel and to channel the Group's efforts into our existing operations."

    -ends-

    Contacts

 Maypole Group plc                                    020 7726 7010
 Simon Bentley - Chairman

 Blomfield Corporate Finance Ltd                      020 7489 4500
 Alan MacKenzie / Peter Trevelyan-Clark / Ben Jeynes

 Alexander David Securities Ltd                       020 7448 9820
 David Scott / Bill Sharp

 Weber Shandwick Financial                            020 7067 0700
 Nick Dibden / James White 


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