LONDON: Getech, a world-leading locator of subsurface resources, has announced the sale of its headquarters building, Nicholson House, for £725,000. The sale includes a non-refundable deposit of £72,500, with the completion of the transaction set for February 27, 2025.
The company plans to use a portion of the net proceeds to repay its bridge loan facility balance of approximately £420,000 and other transaction fees, thereby eliminating all company borrowings and significantly improving its financial position.
As part of the sale agreement, Getech will continue to occupy one floor of Nicholson House under a partial leaseback arrangement, which includes an initial three-month rent-free period. This leaseback will provide continuity of operations while enabling Getech to achieve value from its property assets. The transaction follows the sale of Kitson House, an adjacent building, in January 2024.
Chris Jepps, Interim CEO of Getech, commented on the transaction, stating, “The sale and partial leaseback agreement has several tangible benefits: firstly, unlocking the value of our real estate asset enables us to eliminate our debt and provide a stronger foundation for operations and growth. Secondly, by securing a good-value rent, we maintain operational stability for our head office and minimize any disruption. Overall, the transaction is a key component in rebalancing the Getech business and improving its operational efficiency.”
This strategic move underscores Getech’s commitment to enhancing its financial health and operational stability.
Getech is a global leader in locating subsurface resources, leveraging advanced geospatial technology and data analysis to support energy and resource industries worldwide.