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