June 1914: Cranston’s Tea Rooms (Limited) and Cranston’s Picture House (Limited)

Under the heading ‘NEW ISSUES’, an article on page five of The Scotsman, on Saturday the 27th of June, 1914, reads:

 

“NEW ISSUES.

 

Cranston’s Tea Rooms (Limited.)—The issue is announced of £28,000  7  per Cent. Redeemable Second Mortgage Debenture

Stock at par. The stock will be secured by a specific and exclusive second mortgage upon the Company’s whole freehold-properties

in the city of Glasgow. The trust deed provides for the establishment of a sinking fund which will suffice to redeem the Debenture

stock by 15th May 1928. The stock is redeemable apart from the sinking fund in the Company’s option by drawings after 15th May

1921 at the price of £105 per £100 of stock. The stock will be issued and also be transferable only in sums of £10 and multiples

thereof. The prospectus states that the proceeds of this issue, with part of a sum of £12,000 to be received from Cranston’s Picture

House (Limited), will be devoted to the improved development of the Renfield Street site by the erection thereon of an entirely new

block of buildings, in which the business of the Company will be conducted on an extended scale, and containing also a large hall to

be leased at a yearly rental of £3000, for use as a picture house, to Cranston’s Picture House (Limited), in which enterprise the

Company will receive a shareholding entitling it to one-fifth of the divisible profits. The list will open on Monday and close on or

before Wednesday next.”

 

 

 

The British Newspaper Archive.

 

 

George Fairfull-Smith, August 2023.