- FIH group said Wednesday it had purchased the freehold of a 2.5 acre industrial estate in East London for £19.4m from H. Young & Co.

The site consisted solely of five warehouses operated by Momart, the group's art handling subsidiary, and was located 5 miles north of London's Canary Wharf financial centre near the Queen Elizabeth Olympic Park, the company said.

On completion of the purchase, bank interest costs and related annual depreciation of the buildings would be broadly matched by the rent savings. but over the medium term the enhancement to future earnings and cash flow were anticipated to become meaningful, it added.

'By acquiring the land we have also provided Momart with long term security of tenure and removed the risk of future disruption to the business at the expiry of the former leases. We are confident that over the medium term the purchase will generate meaningful cash savings for the Group and will both enhance and improve its quality of earnings.,' said John Foster, FIH Chief Executive.

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