HARGREAVES SERVICES PLC

M&A Activity • May 24, 2019

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RNS Number : 1026A

Hargreaves Services PLC

24 May 2019

24 May 2019 

Hargreaves Services plc

("Hargreaves" or the "Group") 

Conditional Sale to Bellway of Land at Blindwells

Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, is pleased to announce that it has exchanged conditional contracts with Bellway Homes Limited ("Bellway") for the sale of 10.75 acres of serviced residential development land at its key Blindwells site near Edinburgh.

Legal completion of the Bellway transaction, which is valued at over £9m in proceeds to Hargreaves, is principally dependent upon receiving detailed planning permission and associated statutory approvals. It is expected that these will not be received until the second half of calendar year 2020.

The entire Blindwells site has outline planning consent for 1,600 houses.

Earlier this year, a conditional contract was exchanged with a leading Scottish housebuilder in Hargreaves' first sale of land at Blindwells. The contract has a value to Hargreaves of over £1m. Detailed planning consent is expected shortly for that plot, with legal completion anticipated in the first half of the financial year ending 31 May 2020.

David Anderson, Hargreaves' Group Property Director, said: "We are delighted to exchange contracts with Bellway in our second conditional sale of land at the Blindwells site. We are encouraged by the level of interest in the site and look forward to bringing further plots to market in the coming year and beyond."

For further details: 

Hargreaves Services plc Gordon Banham, Chief Executive David Anderson, Group Property Director John Samuel, Group Finance Director	0191 373 4485
Buchanan (Financial PR) Mark Court/Sophie Wills/Henry Wilson	0207 466 5000
N+1 Singer (Nomad and Joint Corporate Broker) Sandy Fraser/Justin McKeegan/Rachel Hayes	0207 496 3000
Investec (Joint Corporate Broker)                                                            0207 597 5970 Sara Hale/Richard Short

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