Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Builders merchant and heating/plumbing products distributor Lords has completed the sale and lease back (15-year tenure) of its 1.52-acre George Lines branch at Heathrow.
The site was originally purchased for £6.3m back in Jan’23 when Lords acquired George Lines. £3.1m of the £7.1m proceeds will repay the outstanding considerations owing from the purchase of George Lines, the rest to cut borrowings.
CEO Shanker Patel says: “We are pleased to agree this transaction to support future trading from the highly sought-after Heathrow site, that has exceptional logistic and trading benefits for the George Lines merchanting brand and we look forward to continuing to grow organically through new branch openings. The financial benefits of the transaction are also supportive of our strategy to scale the business, focus on operational efficiency and manage working capital – [which positions us well] for a market recovery.”
