Acquisition of freehold site for £4.25m

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.

Posted 14/06/2021

For press enquiries please contact media@creomedical.com. For all other enquiries please visit our Contact page.

Further news

07 October 2024

Wales’ Reduced Screening Age: A Step Towards Earlier Cancer Detection and Treatment

Read

15 May 2024

Full results - Final Results Strong revenue growth and significant commercial progress (9th May 2024)

Read

13 May 2024

Directorate Changes - May 2024

Read

07 May 2024

Creo Medical receives King’s Award for Enterprise in Innovation

Read

02 May 2024

MicroBlate Flex in new clinical trial at Royal Brompton Hospital

Read

24 April 2024

NHS Supply Chain real-world data demonstrates substantial cash savings

Read

19 March 2024

Welsh Labour Leader visits Creo’s facilities

Read

05 February 2024

Strategic Collaboration with Khalifa University of Science and Technology, Abu Dhabi

Read

31 January 2024

Roll-out of Speedboat® UltraSlim reaches Asia Pacific

Read

10 January 2024

First Use of Speedboat® UltraSlim in Latin America

Read