Braemar Shipping Services PLC Strategic sale of Head Office

Braemar Shipping Services plc, an international provider of shipping, marine and energy services, announces that on 27 January 2015 it exchanged contracts for the sale of its leasehold interest in its Marylebone corporate headquarters to Greenhouse Sports Ltd for a net consideration of GBP9.5m before tax. The leasehold had a net book value of GBP4.0m, leading to an exceptional gain of GBP5.5m. The transaction is expected to complete on 26 February 2015. The consideration will be used to reduce Group indebtedness and will provide the Group with greater financial flexibility.

The sale follows the successful merger of Braemar with ACM Shipping Group Plc (“ACM”) in 2014. The combined enlarged group is moving, as previously announced, to a new head office at One Strand, Trafalgar Square, London on 2 February 2015.

James Kidwell, Chief Executive of Braemar Shipping Services, said:

“The church at 35 Cosway Street has been a distinctive part of Braemar’s identity for nearly 20 years. However, since our merger with ACM last year, the building no longer has the space to meet the company’s needs.

“This move represents the beginning of an exciting phase for Braemar. Our new Central London headquarters will give us the room to bring our expanded London shipbroking teams together.”
Source: Braemar Shipping Services plc