17th Oct 2013 10:29
LONDON (Alliance News) - Michelmersh Brick Holdings PLC said Thursday that it had sold its 15 acre former factory site in Telford to Bovis Homes PLC for a total of GBP4.6 million.
GBP1.6 million is payable on completion, with GBP3.0 million payable in equal instalments in the first and second year. The company said it will use the proceeds to reduce borrowings and meet the costs of the site re-organisation and taxation from the sale.
"We now move on to address other land assets and maximise their value to the group," said Chief Executive Officer Martin Warner in a statement. "We are, however, principally a brick manufacturer and we continue to compete strongly in a market that is showing signs of price recovery."
Shares in Michelmersh were trading up 3.2% at 52.10 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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