Toye shares rocket on plans to sell London property

Toye & Co, a manufacturer of military and masonic regalia, medals, badges and related textiles, has conditionally agreed to sell one of its London properties to a developer.

Toye & Co, a manufacturer of military and masonic regalia, medals, badges and related textiles, has conditionally agreed to sell one of its London properties to a developer.

The property, located at 19-21 Great Queen Street, will be sold for a maximum consideration of between £2.75m and £3.25m.

In a statement the company said: "The property has been an increasingly expensive and under-utilised facility, yet has had strategic importance in serving the Masonic community and other markets from a recognised address.

"The directors believe that the company will only be able to retain and nurture its manufacturing skills by achieving efficiencies in the manufacturing process improving working conditions and retaining and growing its customer base by concentrating on delivering exceptional service.

"A very large amount of capital (approx. £3.0m) is tied up in the property's shop and offices compared with the overall capital within the business."

The group added that a proportion of the funds generated from the sale will be used to repay all group debt of around £1.5m.

Current trading in line with expectationsThe group added that trading in the year ended December 31st was in line with its forecasts and said 2013 has seen a continuation of this.

Although it warned that the markets in which Toye operates remain "difficult", it said it is confident in its ability to react to changing conditions whilst maintaining its high standards of craftsmanship through investing in the business following the disposal.

Toye's share price soared 49.33% to 56p by 14:16.

NR

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Lab-grown meat: the new agricultural revolution
Soft commodities

Lab-grown meat: the new agricultural revolution

Vegan alternatives are taking off, but the future of food technology lies in lab-grown meat – cultivating steaks and burgers from animal cells, says A…
16 Apr 2021