Expansion of Chepstow footprint to support commercial roll-out
Creo Medical Group plc (AIM: CREO), the medical device company focused on the emerging field of surgical endoscopy, announces that it has exchanged contracts to acquire the freehold interest in the current site of Creo House, the Company’s main headquarters in Chepstow (‘Unit 2’), as well as the adjacent site (‘Units 6-9’) for a total consideration of £4.25 million in cash. Creo expects to complete the acquisition in early July.
Creo House has current total capacity of approximately 18,000 sq ft and the adjacent site, subject to receiving planning permission, will provide an additional 16,000 sq ft of increased capacity. This additional capacity will support Creo’s commercial, operational and logistic footprint across Europe (following the acquisition of Albyn Medical S.L. in July and Boucart Medical SRL in November 2020) and will also provide additional manufacturing capacity for the commercial roll-out of the full range of products from the Creo GI (gastro-intestinal) suite of advanced energy devices which complement the Company’s CROMA Advanced Energy Platform (“CROMA”) and Speedboat device for use in Gastrointestinal (“GI”) therapeutic endoscopy.
The freehold will be acquired from Fastnet Property Investments Limited, the original developer of the site.
Craig Gulliford, Chief Executive Officer of Creo, commented:
“We are delighted to have secured the freehold of Creo House as well as the adjacent site which, subject to planning permission, will provide increased capacity to support our commercial, operational and logistic footprint across Europe; as well as providing additional manufacturing capacity for the commercial roll-out of the full suite of advanced energy devices. By acquiring these sites, we are not only showing a firm commitment to Wales, but we are also giving our workforce even greater stability. The expansion is reflective of the rapid growth within Creo.”
