Newspaper article The Journal (Newcastle, England)

Headquarters Sale Will Help to Pay off BNS Debts

Newspaper article The Journal (Newcastle, England)

Headquarters Sale Will Help to Pay off BNS Debts

Article excerpt

Telecoms services group BNS has sold its Northumberland headquarters building in a pounds 4.8m sale and leaseback deal.

The AIM-listed company, which reported a trebling in interim profits to pounds 350,000 last month, on turnover of pounds 15.8m, said the sales proceeds will be used to pay back debt.

It will use some of the cash to pay back a pounds 3.5m on demand loan taken out to fund the development of the Low Prudhoe office building. BNS chief executive and 60% shareholder Garry Moat said: "We undertook the development of these facilities to meet our accommodation needs as the business grew. This sale and lease back will initially reduce the group's debt levels and provide debt capacity to fund future growth."

The company, which provides telecoms services to the SME and corporate market and employs 250 staff across the country, paid pounds 4.8m for Midlands mobile phone specialist 3g Comms Limited in April and said it was scouting for more. …

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