Lords offloads Heathrow site in sale-and-leaseback deal

Buildings materials distributor Lords has sold a 1.5-acre site in Heathrow in a sale-and-leaseback deal. The group has sold the site to Outback UK PropCo 2A for £7.1m and will lease it back on a 15-year lease. The site, and a 5,570 sq ft storage unit, has been occupied by Lords’ George Lines Civils & Landscaping Merchants for more than 40 years. Lords said proceeds of around £3.9m from the sale would be used to  reduce group borrowings and free up cash to support future organic and acquisitive growth opportunities. Chief executive Shanker Patel said: “We are pleased to agree this transaction to support future trading from the highly sought-after Heathrow site, which 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 and, as outlined at the recent interim results, the group’s focus on operational efficiency and working capital management have ensured that we are well positioned for a market recovery.”