finnCap Group PLC Signing of new lease to consolidate premises (2068A)
17 Gennaio 2020 - 3:52PM
UK Regulatory
TIDMFCAP
RNS Number : 2068A
finnCap Group PLC
17 January 2020
17 January 2020
finnCap Group plc
("finnCap", the "Company" or "the Group")
finnCap Group signs new lease to consolidate premises
The Board is pleased to announce that finnCap has signed a lease
on new premises in 1 Bartholomew Close to commence on 2 April 2020.
This will allow the Group to combine its existing offices and
provide the Group with room to expand as it delivers on its
strategy of building a financial services business for growth
companies. The Board believes that operating from one location will
make it easier to capitalise on the additional revenue
opportunities that are available to the Group as a result of
delivering multiple services.
The Group will incur an exceptional charge to the profit and
loss account during the year ended 31 March 2021 as a result of the
overlap of the leases on its existing sites which expire on 2
September 2020 but cashflow will benefit from a rent free period
until November 2021. It is intended that the fit out of the new
office will be lease financed over a period of 5 years so that
there is no significant impact on the Group's existing cash
balances.
Commenting on the lease signing, Sam Smith, CEO, said:
"We are delighted to have found a property that allows us to
operate under one roof, provides room for future expansion and will
help us generate additional revenue synergies from the acquisition
of Cavendish Corporate Finance in December 2018."
For information, please contact:
finnCap Group plc Tel: +44 (0) 20 7220 0500
Sam Smith, Chief Executive Officer
investor.relations@finncap.com
Tom Hayward, Chief Financial Officer
Grant Thornton (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Philip Secrett/Samantha Harrison/Seamus Fricker
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END
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(END) Dow Jones Newswires
January 17, 2020 09:52 ET (14:52 GMT)
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