Stadium Group Plc sells surplus property for £2.6m

Stadium Group Plc sells surplus property for £2.6m

Stadium Group Plc today announces the completion of the sale of surplus freehold property at Chingford, North London, to Wrenbridge (Chingford) Limited for cash proceeds of £2.60m before disposal costs.  The property was vacated following the sale of the non-core plastics business in June 2010, and was identified as a non-current asset for resale with a net carrying value of £2.04m in the financial statements for the year ended 31 December 2010.  The cash proceeds will be available to invest in the business after utilising an amount of approximately £1.04m to reduce the net pension obligations of the defined benefit pension scheme.

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