Palace Capital plc ("Palace Capital" or the "Company")
27 April 2012
Palace Capital through its wholly owned subsidiary, Hockenhull Estates Ltd, owns 9 properties in Cheshire of which five are located in Nantwich and four are located in Crewe.
One of the properties, 23-25, Market Street, Crewe, Cheshire was let to Connexions Cheshire & Warrington Ltd on assignment from Poundstretcher for a term of 25 years from December 1993 expiring in December 2018 at a current rent payable of £33,740 per annum exclusive.
Connexions Cheshire & Warrington Ltd is owned and controlled by the three local authorities of Cheshire East Council, Cheshire West and Chester Council & Warrington Borough Council.
On 29 February 2012, PKF were appointed administrators to Connexions, Cheshire & Warrington Ltd and have been continuing to trade the business.
The Board of Palace Capital plc is pleased to advise that the lease of the property was assigned on 26 April 2012 to Cheshire East Council which is a superior covenant. Palace Capital and their solicitors acted expeditiously in the grant of the necessary licence to assign.
The Directors are continuing to actively manage the portfolio in the interests of shareholders and hope to make further announcements in due course.
Palace Capital plc
Neil Sinclair, Managing Director
Tel: +44 (0)20 7722 7603
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