Individual Restaurant Company to sell Bank Aldwych

By BigHospitality Writer

- Last updated on GMT

Related tags: Individual restaurant company, Money, Renting

The Individual Restaurant Company has agreed terms to dispose of Bank Aldwych to the property's landlords for £3.5million in cash. The sale is expected to go through by mid-July with the landlord then set to redevelop the site. Bank ...

The Individual Restaurant Company has agreed terms to dispose of Bank Aldwych to the property's landlords for £3.5million in cash.

The sale is expected to go through by mid-July with the landlord then set to redevelop the site.

Bank Aldwych's book value is £1.7m and will have anticipated closure costs of around £0.5m. The transaction is expected to create an exceptional profit on disposal of £1.3m in the current year, with proceeds of the sale used to pay off part of the group's debt and to fund IRC's roll-out.

The company now plans to increase its 2008 opening programme from six to seven restaurants.

Related topics: Business

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