Source BioScience to purchase premises in Nottingham

Source BioScience has announced that it will be purchasing the site of its current business and head office premises in Nottingham.

The life science company has agreed a 4.9 million pound deal with Simrock Holdings to take ownership of the freehold land and buildings at 1 Orchard Place, having secured a new three million pound loan facility from Royal Bank of Scotland.

Source BioScience has decided to restructure its previous lease obligation following a period of strong growth since 2007, a trend which the company wishes to maintain via measures to eliminate unnecessary costs.

The lease was identified as one of these expenses, due to the non-negotiable nature of the 25-year arrangement and the fact that all scheduled rent reviews were upwards only.

A company statement said: "The directors recognised that this was not an appropriate arrangement for the company and was not aligned with the ongoing investment that is being made in the business and its infrastructure."

This comes after it was announced last month that Cervical Screening Wales will be the first cervical cancer screening service in the UK to adopt Source BioScience's new BD FocalPoint technology.