Marks Electrical Group
plc
Lease
Extension
Marks Electrical Group plc ("Marks
Electrical" or "The Group"), a fast growing online electrical
retailer, today announces that it has entered into a new three year
lease extension (the "Lease") at the Company's headquarters and
main site of operations at 4 Boston Road, Leicester (the
"Property").
The Lease is between Mavrek
Properties Limited & The Smithson Pension Fund (together, "the
Landlords") and the Company and has a new three year term
commencing 30 September 2024 with a below inflation increase to
£640,000 per annum to be satisfied in cash. The Lease replaces the
existing lease in place with the Landlords for the Property which
expires on 29 September 2024, as disclosed in the Company's
Admission Document.
Related Party Opinion
The Landlords are Related Parties by
virtue of the fact that Mark Smithson, the Company's CEO and 73.6%
shareholder, is the ultimate beneficiary of The Smithson Pension
Fund and the controlling shareholder in Mavrek Properties
Limited. Therefore, the Lease is considered a related party
transaction pursuant to the AIM Rules for Companies. The directors,
excluding Mark Smithson, having consulted with Canaccord Genuity
Limited, the Company's Nominated Adviser, consider the terms of the
Lease to be fair and reasonable insofar as the Company's
shareholders are concerned.
Enquiries:
Marks Electrical Group
plc
Via Dentons Global Advisors:
Mark Smithson, CEO
Tel: +44 (0)20 7664
5095
Josh Egan,
CFO
Dentons Global Advisors (Financial PR)
Jonathan Brill / James Styles /
Nishad Sanzagiri
Tel: +44 (0)20 7664
5095
markselectrical@dentonsglobaladvisors.com
Canaccord Genuity (NOMAD and Broker)
Max Hartley / George Grainger
(Nomad) / Kit Stephenson (Sales)
Tel: +44 (0) 207 886 2500
About Marks Electrical
Marks Electrical is a fast growing,
highly scalable premium electrical retailer which sells, delivers,
installs and recycles a wide range of household electrical
products. The Group was founded in Leicester in 1987 by Mark
Smithson and has scaled into a nationwide online retailer with a
compelling growth track record, thanks to its vertically
integrated, low-cost, high-quality operating model, supported by
the ongoing structural shift of consumers to purchase online. The
Group operates within the UK Major Domestic Appliances (MDA) and
Consumer Electronics (CE) market, estimated to be worth
approximately £7 billion.
Primarily through its simple, clear
and intuitive website - markselectrical.co.uk - the Group offers
over 4,500 products from over 50 leading brands across its main
product categories, which include Cooking, Refrigeration, Washers
& Dryers, Dishwashers and Audio-Visual. These products are
sourced from UK distributors of the brands, with whom the Group
maintains strong and direct relationships. Marks Electrical
delivers direct to customers in its owned and branded vehicles,
operated by the Group's skilled team of delivery drivers, who are
also able to offer installation and recycling services.
For further information, visit the
Marks Electrical corporate website:
https://group.markselectrical.co.uk and its retail website:
https://markselectrical.co.uk/.