This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014,
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
Getech Group
PLC
("Getech" or the
"Company")
Sale of Nicholson House and
Repayment of all Borrowings
Getech, a world-leading locator of subsurface resources, is
pleased to announce the sale of its headquarters building,
Nicholson House.
On 3rd February 2025 the
Company exchanged contracts on the sale of its freehold interest in
Nicholson House for a sale price of £725,000, including receipt of
a non-refundable deposit of £72,500, with completion set for
27th February 2025.
On completion, a portion of the net
proceeds will be used to repay the balance outstanding on the
Company's bridge loan facility (c. £420,000)
and other transaction fees, thereby
eliminating all Company borrowings and significantly improving the
Company's financial position.
As part of the contractual
agreement, Getech will continue to occupy one floor of Nicholson
House under a partial leaseback which includes an initial three
months' rent-free period. Once complete, the sale and partial
leaseback transaction will provide the Company with continuity of
operations while achieving value from its property assets and
follows the sale of Kitson House in January 2024, an adjacent
building which also formed part of the Company's
headquarters.
Chris Jepps, Interim CEO of Getech,
commented:
"The sale and partial leaseback agreement has
several tangible benefits: firstly, unlocking the value of our real
estate asset enables us to eliminate our debt and provide a
stronger foundation for operations and growth. Secondly, by
securing a good-value rent, we maintain operational stability for
our head office and minimise any disruption. Overall, the
transaction is a key component in rebalancing the Getech business
and improving its operational efficiency."
For
further information, please contact:
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Getech Group plc
Chris Jepps, CEO
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Tel: 0113 322 2200
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Cavendish Capital Markets Limited
Neil McDonald / Pete Lynch
(Corporate Finance)
Michael Johnson / Dale Bellis
(Sales)
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Tel: 0207 397 8900
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Novella Communications
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Tel: 0203 151 7008
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Tim Robertson / Claire de Groot /
Safia Colebrook
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getech@novella-comms.com
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Notes to Editors:
About Getech
Getech is a leading locator of the
energy and mineral resources essential for the world's energy
transition. The Company combines unique geoscience expertise,
AI-driven analytics, and extensive GIS capabilities to deliver
actionable insights that support resource discovery and
development. Serving clients across governments, municipalities,
and a wide range of industries, Getech is committed to enabling
energy and mineral self-sufficiency while driving progress toward
net zero.
For more information, please
visit www.getech.com.
