The Beacon Lighting Group (ASX:BLX) sell distribution centre - Sequoia Direct Pty Ltd

09DecDecember 9, 2019

The Beacon Lighting Group (ASX:BLX) sell distribution centre

The Beacon Lighting Group (ASX:BLX) have sold their Brisbane Distribution Centre and are winding up its Beacon Energy Solutions business.

They sold its Brisbane Distribution Centre to Charter Hall for $28 million under a sale and leaseback arrangement.

They acquired the property in Parkinson, in Queensland for $12.5 million in January 2019.

The profitable sale of the Brisbane Distribution Centre will enable the Beacon Lighting Group to reduce debt and generate additional capital for other business opportunities.

Beacon Energy Solutions has been successful in growing sales and increasing brand awareness in the commercial solar market in recent years.

However, they have found business challenging and as a result will not take any new sales.

In FY2020, it is expected that the one-off cost of closing Beacon Energy Solutions will be in the range of $3.4 to $3.9 million.

Shares in The Beacon Lighting Group (ASX: BLX) last traded at $1.23.

Copyright 2019 – Finance News Network

Source: Finance News Network

Related Posts

17MarMarch 17, 2020

Coca-Cola Amatil (ASX:CCL) pulls earnings guidance

17 Mar 2020 - Coca-Cola Amatil (ASX:CCL) say given the significant uncertainty in relation to the duration and impact of the COVID-19 pandemic, we no longer feel it is appropriate to continue to provide earnings guidance.

22NovNovember 22, 2023

Stocks of the Hour: Helix Resources, 4DMedical, Westar Resources

22 Nov 2023 - A snapshot of the stocks on the move, featuring Helix Resources (ASX:HLX), 4DMedical (ASX:4DX) and Westar Resources (ASX:WSR).

31JanJanuary 31, 2020

Link Administration Holdings (ASX:LNK) to acquire Pepper European Servicing

31 Jan 2020 - Link Administration Holdings (ASX:LNK) has entered into a binding agreement to acquire Pepper European Servicing for an upfront consideration of $266 million.

07JanJanuary 7, 2021

Mayne Pharma (ASX:MYX) rolls out new contraceptive pill in the US

07 Jan 2021 - Pharmaceutical giant, Mayne Pharma (ASX:MYX) has launched a new contraceptive tablet in the US.

31DecDecember 31, 2020

New Energy Solar (ASX:NEW) to sell 50% of power plant to US Solar Fund

31 Dec 2020 - New Energy Solar (ASX:NEW) is set to sell 50% of its Mount Signal solar power plant to US Solar Fund PLC.

06AprApril 6, 2020

Flight Centre Travel Group (ASX:FLT) set to raise $700 million

06 Apr 2020 - Flight Centre Travel Group (ASX:FLT) is looking to raise $700 million, comprising a $282 million institutional placement and a $419 million 1-for-1.74 basis at $7.20 a share.

14NovNovember 14, 2019

Vango Mining (ASX:VAN) appoints Andrew Stocks as MD

14 Nov 2019 - Gold exploration and development company, Vango Mining (ASX:VAN), has appointed Andrew Stocks as the Company’s new Managing Director effective from 20 January 2020.

24MarMarch 24, 2020

Perenti (ASX:PRN) sees no impact on financials from COVID-19 so far

24 Mar 2020 - Perenti (ASX:PRN) reports that to date COVID-19 has had no impact on Perenti’s financial performance.

15MayMay 15, 2020

United Malt Group (ASX:UMG) completes $140m institutional placement

15 May 2020 - United Malt Group (ASX:UMG) has completed a $140 million fully underwritten institutional placement.

16NovNovember 16, 2020

ClearVue Technologies Limited (ASX:CPV) start work on clear solar glass greenhouse

16 Nov2020 - Smart building materials company ClearVue Technologies Limited (ASX:CPV) reports that work has started on the CRC-P grant funded greenhouse on Murdoch University land.