24th Jul 2024 14:58
(Alliance News) - Coral Products PLC on Wednesday said that it has sold a factory site in Runcorn, England for GBP1.2 million.
The Manchester, England-based company operates a group of specialist businesses involved in the design, UK manufacture and omni-channel supply of a wide range of bespoke plastic products.
The 25,723 square-foot site was sold to Sandyford Properties Ltd, a firm that provides industrial, office and retail units to rent in Staffordshire, Cheshire and North Wales.
The factory, which is currently used for plastics thermoforming, has been sold with a 15-year lease attached. This involves an annual cost of GBP105,000, necessary to keep the building's operating costs at a similar level.
The sale generated GBP500,000 in net cash after repaying a GBP700,000 property loan on the building, Coral Products said.
"We continue working towards removing duplication of activity and effort, and constantly challenging our operational footprints. We have further opportunities to consolidate our current work spaces onto fewer sites and we look forward to completing these later in the current financial year," said Chief Executive Officer Lance Burn.
Shares in Coral Products were trading 1.2% higher at 12.90 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.