Park boosts earnings through head office purchase

9th Feb 2011 16:09

Vouchers and Christmas hampers supplier Park Group has bought the freehold of its head office which will help to enhance its profit. AIM-quoted Park is paying £4.75m plus VAT for the site in the Wirral, plus £228,000 in stamp duty. Owning the property will save £459,000 a year in rent. Most of the company's operations are on this site. Net company cash was £11.3m at the end of September 2010. This was not generating much in the way of interest so using the cash to save the rent makes sense.