Formerly know as Park Group, the business relocated the bulk of its 240 staff to 20 Chapel Street in Liverpool last year. It will lease back a small part of the Birkenhead site

Christmas savings, vouchers and corporate rewards business Appreciate Group has sold its former headquarters in Birkenhead in a £3.2m deal.

Formerly know as Park Group, the business relocated the bulk of its 240 staff to 20 Chapel Street in Liverpool last year. It will retain part of the Valley Road site, where it was located for many years, in a leaseback agreement for its operations.

AIM-listed Appreciate has sold Budworth Properties Ltd, a group subsidiary which owns the land and buildings located at Valley Road, to HP (Valley Road). The land and buildings had been held on the group’s balance sheet as an asset held for sale.

The consideration for the disposal, and the non-cash impairment charge of £1.8m, are in line with its expectations of the carrying value to be reported as at March 31, 2020

Earlier this week, Appreciate announced it had secured a £15m revolving credit facility with Santander. The new facility was planned prior to the COVID-19 crisis and completes the bank financing exercise its started in April.

The new facility provides committed funding of £15m for a five-year term on an unsecured basis, with an option to extend the facility by a further £10m.