Source BioScience picks up HQ with £3m deal
Diagnostics company Source BioScience has bought its Nottingham headquarters after securing a £3m banking loan from the Royal Bank of Scotland.
The company told the Stock Exchange that it had concluded an agreement to purchase the freehold land and buildings of its current head office premises at 1 Orchard Place, Nottingham, for £4.9m.
Source BioScience obtained a £3m loan to complete the purchase. The loan is repayable 50 per cent in instalments over three years.
Operating profit and EBITDA has immediately increased by £500,000 with the deal, said the company. There will be an incremental finance charge of £100,000 per year until 2016, which is the loan's interest.
"Since 2007 the company has made significant investment in its operational and commercial infrastructure to support the continued growth of the business," said Source BioScience.
"This growth has been achieved through a combination of selective acquisitions, in addition to organic expansion of the business, and it remains the strategy to continue this programme of acquisition and investment."
