Fox Marble buys rights to second Sivec quarry
Fox Marble, whose stone is sold in the UK by wholesaler Pisani in Feltham and near Buxton, Derbyshire, has entered into a sub-lease arrangement with New World Holdings (Malta) Ltd in relation to the new Omega Sivec marble quarry at Prilep in Macedonia. This new quarry site is adjacent to the existing Fox operations in Prilep.
The consideration for the sub-lease is £1million and a subsequent 40% gross revenue royalty obligation.
Chris Gilbert, Fox CEO, commented: "Following the placing to raise £4.75million last month, we are pleased to already be on track with regards to the acquisition. Sivec is a highly sought after marble and key for the development of Fox Marble's portfolio."
For the full announcement, click here.