LONDON: Appreciate Group plc has completed the sale of Budworth Properties Ltd, a Group subsidiary which owns the land and buildings located at Valley Road, Birkenhead to HP (Valley Road) Limited for a cash consideration of £3.2 million.
Appreciate Group is the UK’s leading multi-retailer redemption product provider to corporate and consumer markets.
The land and buildings had been held on the Group’s balance sheet as an asset held for sale. The consideration for the disposal, and the non-cash impairment charge of £1.8 million, are in line with company’s expectations of the carrying value to be reported as at 31 March 2020 and the guidance on impairment charges that was provided in the Group’s year end trading update on 30 April 2020.
The transaction includes an agreement for Appreciate Group to leaseback a small amount of space for its fulfilment operations at Valley Road from HP (Valley Road) Limited.
Appreciate Group is a financial services business with a wide portfolio of brands which provide solutions for its consumer and business customers. Its consumer-facing brands meet a range of prepayment and gifting needs, while its business products help corporate customers reward and recognise their employees and clients.
Appreciate Group is home to many of the country’s most-loved gifting, pre-payment and engagement solutions including Park Christmas Savings, Highstreetvouchers.com and Love2shop, and we are fast-becoming the home of digital innovation in gifting.