1st Jun 2023 11:35
(Alliance News) - Rotala PLC on Thursday proposed the sale of its Bolton depot and the majority of its related vehicles.
The Tividale, West Midlands-based bus operator said it exchanged contracts with Transport for Greater Manchester and the Greater Manchester Combined Authority to sell depot and related vehicles for a total of GBP30.4 million.
The company said proceeds will be used to repay a mortgage and hire purchase debt for around GBP14.9 million and to repay remaining outstanding drawings on its revolving commercial facility for GBP10.8 million. Further, cash will be used to strengthen the company's balance sheet.
The sale will need consent from the superior landlord.
Rotala shares were 3.1% lower at 45.04 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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