One Heritage Group plc: Trading Update (1543791)
26 Gennaio 2023 - 8:00AM
UK Regulatory
One Heritage Group plc (OHG) One Heritage Group plc: Trading
Update 26-Jan-2023 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement that contains inside information in accordance with
the Market Abuse Regulation (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
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26 January 2023
ONE HERITAGE GROUP PLC
(the "Company" or "One Heritage")
Trading Update
One Heritage Group PLC (LSE: OHG), the UK-based residential
developer focused on the North of England, is providing an update
on the progress of projects, changes to its senior leadership team,
extension to shareholder loan facility and acquisition of Seaton
House, Stockport.
One Heritage continues to experience industry-wide challenges
such as mounting cost pressures in respect of building materials
and also sub-contractor labour shortages. Further to the
announcement of an impairment of two of its development projects
Bank Street, Sheffield and St Petersgate, Stockport, published in
the results for the full year ending 30 June 2022, it is
anticipated there will be an increase in the value of impairment
for both and a further development, Oscar House, Manchester, is
likely to be impaired. The delays across the portfolio resulting in
increased debt costs and construction related cost increases have
been the prominent factors in these impairments and are expected to
be in the region GBP0.75m-GBP1.25m. Further details will be
provided in the published interim results for the six months to 31
December 2022, in March 2023.
Mr Martin Crews has tendered his resignation as Development
Director from the Group and is expected to leave the business in
March 2023. Mr Crews was hired in September 2020 and led the team
responsible for the delivery of the Group's development projects.
The Group would like to wish Mr Crews well for the future.
The Group is pleased to announce the appointment of Mr Paul
Westhead as Interim Development Director to oversee the delivery of
the Group's Development Projects. Mr Westhead brings a wealth of
residential property experience, financial analysis, risk
management and an in-depth understanding of the property and
regeneration market place. Mr Westhead will also assist in the
selection process for a full-time replacement for Mr Crews.
The Group is also announcing that its related party shareholder
loan facility, with One Heritage Property Development Limited, has
been increased from GBP9.5 million to GBP11.0 million with the
GBP2.0m increase repayable by 30 June 2023. The extension provides
further working capital whilst the Group completes its Oscar House,
St Petersgate and Bank Street developments. The facility is
expected to be repaid from March 2023 as both the developments
themselves and apartment sales complete. The Group would like to
express its gratitude to its majority shareholder for the continued
support in providing this facility.
Further to the announcement on 11 January 2022, the Group is
pleased to announce that it has completed the acquisition of Seaton
House, Wellington Street, Stockport for GBP675,000 following a
12-month delayed completion. A planning application for 34
apartments is awaiting determination. The project is anticipated to
produce net revenue of GBP5.6 million. Construction will start
without delay once planning permission has been granted.
Jason Upton, Chief Executive Officer of OHG plc commented: "We
are looking forward to 3 development projects completing in the
first half of the year and to progress the projects in our
pipeline, namely Victoria Road, Seaton House and Churchgate. We are
delighted to welcome Paul Westhead to our development team to
assist us in completing our outstanding projects and appraising the
new opportunities we are currently considering."
Contacts
One Heritage Group plc
Jason Upton
Chief Executive Officer
Email: jason.upton@one-heritage.com
Anthony Unsworth
Chief Financial Officer
Email: anthony.unsworth@one-heritage.com
Hybridan LLP (Financial Adviser and Broker)
Claire Louise Noyce
Email: claire.noyce@hybridan.com
Tel: +44 (0)203 764 2341
About One Heritage Group
One Heritage Group PLC is a property development and management
company. It focuses on the residential sector primarily in the
North of England, seeking out value and maximising opportunities
for investors. In 2020 One Heritage Group PLC became one of the
first publicly listed residential developers with a focus on
co-living.
The Company is listed on the Standard List of the Main Market of
the London Stock Exchange, trading under the ticker OHG.
For further information, please visit the Company's website at
https://www.oneheritageplc.com/.
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ISIN: GB00BLF79495
Category Code: TST
TIDM: OHG
LEI Code: 2138008ZZUCCE4UZHY23
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 218425
EQS News ID: 1543791
End of Announcement EQS News Service
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