29 June 2011
National Milk Records plc (?NMR? or ?the Company?)
Purchase of new freehold site to consolidate testing facilities
National Milk Records plc, the PLUS-quoted leading supplier of milk services, has acquired a freehold building in Wolverhampton with the intention of consolidating the Company's testing facilities in the UK, providing savings of up to GBP150,000 per year. The cost of the purchase is GBP475,000. The purchase is funded by a 15 year mortgage rolling every three years, providing an immediate cash flow advantage.
The site will be used as the Company's only laboratory in England and Wales, running 24 hours seven days a week to provide milk recording and payment testing. The laboratory will amalgamate the Company's current testing facilities in Harrogate and Wolverhampton. Additionally, the site will also provide a central transport depot for NMR's vehicles currently operating from a leased site in Stone, Staffordshire. Refurbishment work, which is anticipated to cost circa GBP325,000, is expected to begin
in August and the laboratory is expected to be fully operational in Q1 2012.
NMR Managing Director Andy Warne said, ?We are continually looking for ways to streamline our costs, increase efficiency and in turn the profitability of the Company to maximise value for shareholders. Demand for our services is growing, particularly as concerns regarding future food shortages and food quality requirements increase, and the new premises, which will consolidate our UK milk recording and payment testing laboratories, will increase productivity across the Company?s divisions further as we focus on taking advantage of this strong market environment going forward.?
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For further information on NMR, please visit www.nmr.co.uk
Chris Hughes |
National Milk Records plc |
Tel: +44 (0) 1249 467 220
|
Duncan Vasey / Mark Anwyl |
St Helens Capital Partners LLP |
Tel: +44 (0) 20 7368 6959
|
Elisabeth Cowell |
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177
|
Hugo de Salis
|
St Brides Media & Finance Ltd |
Tel: +44 (0) 20 7236 1177 |
Felicity Edwards
St Brides Media and Finance Ltd
Chaucer House
38 Bow Lane
London
EC4M 9AY
Tel: +44 (0) 207 236 1177
Mob: +44 (0) 7748 843871
Fax: +44 (0) 207 236 1188
Email: felicity@sbmf.co.uk
Web: www.stbridesmedia.co.uk