StockMarketWire.com - Trafalgar New Homes chairman Christopher Johnson is buying a small number of completed houses owned by the group's subsidiary, Combe Bank Homes, for £1,090,000.
TNH says the directors of Combe Bank have been advised that as the houses have been let pending their sale, there is a danger that the company could be regarded as a property investment firm by HM Revenue & Customs.
This would have a detrimental effect on Combe Bank's VAT status.
The aggregate book value of the properties is £1,129,301.
The aggregate rental income from the Properties is approximately £50,400 per year.
There are aggregate borrowings secured on the Properties of £644,400, the interest on which is currently £40,275 per year.
All of the properties are located in Dover and are freehold and residential.
The properties comprise: an end of terrace three bedroom property, two maisonettes, a former public house which has been converted into four flats and a detached cottage.
Story provided by StockMarketWire.com
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