Sale by Photo-Me of part of its head office site at Bookham, Surrey

SHL will pay Photo-Me £4.2 million in cash on completion (which is due to take place one month from today). In addition, depending on whether SHL has to carry out certain environmental remediation work on the site, SHL may pay Photo-Me up to a further £50,000. 

The book value of the land being sold is £0.7 million and therefore the profit on the sale (before costs) will be approximately £3.5 million.

The net proceeds of sale will increase Photo-Me’s net cash position and will be retained by Photo-Me until its board decides on whether to invest them in the business or return them to investors.  Aside from this, the sale will not have any significant effect on its business.