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Caffyns plc ("the Company") announces that it has today exchanged contracts with McCarthy & Stone Retirement Lifestyles Limited for the sale of its vacant freehold site at Hailsham, East Sussex for £1.4 million conditional upon certain conditions being satisfied. The principal condition is that an appropriate planning approval is granted for about 55 Later Living units. Once the conditions have been satisfied, the consideration is payable in cash and the proceeds will be applied in reducing the Company's borrowings. The consideration is approximately equivalent to the current book value of the property.
30 November 2012
Telephone: 01323 730201
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