TIDMISL
RNS Number : 5130Y
IS Solutions PLC
04 September 2009
IS Solutions Plc
Statement re Property Acquisition
IS Solutions Plc ('IS Solutions' or 'the Company') has completed the purchase
of Windmill House ("the property"), the premises used as the Company's
headquarters in Sunbury on Thames.
The purchase price of the property was GBP2.1 million (plus stamp duty of
GBP96,500) and has been funded by a 10 year mortgage of GBP1.6 million and
GBP596,500 cash.
The Company has also taken a prudent approach towards the potential for
significant interest rate increases over the life of the mortgage by securing an
interest rate cap of 5% thereby protecting itself against any increase above
this.
The Company has been renting the premises at a cost of GBP250,000 per annum and
the Directors believe that the reduction in rental costs achieved by the
purchase of the property will generate significant savings to the annual cash
flow, which in turn will have a positive impact on the Company's level of
profitability.
Windmill House is a property of approximately 18,000 sq ft, of which IS
Solutions currently occupies 12,000 sq ft (subletting 6,000 sq ft to two other
companies not connected with IS Solutions) which will allow for substantial
growth in the future.
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| Enquiries: | |
+------------------------------------+------------------------------------+
| John Lythall, Managing Director | Fiona Tooley/Keith Gabriel |
+------------------------------------+------------------------------------+
| IS Solutions Plc | Citigate Dewe Rogerson Ltd |
+------------------------------------+------------------------------------+
| Tel: +44 (0)1932 893333 | Tel: +44 (0)121 362 4035 |
+------------------------------------+------------------------------------+
| www.issolutions.co.uk | Mobile: +44 (0)7785 703523 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Charles Cunningham | |
+------------------------------------+------------------------------------+
| FinnCap | |
+------------------------------------+------------------------------------+
| Tel: +44 (0)207 600 1658 | |
+------------------------------------+------------------------------------+
| Ticker: AIM: ISL | |
+------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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