Sale of Burton Site
Renold, the precision engineering group, is pleased to announce that, following the successful restructuring of its manufacturing operations at its Burton upon Trent site, it has entered into a contract with Morris Homes (East Midlands) Limited for the sale of the Burton site for gross proceeds (before costs) of at least £7.7 million with potential up to £8.65 million, payable in cash. The amount of consideration receivable and completion is conditional upon a ground and site survey and satisfactory planning permission.
The site consists of some 9 acres of land and the carrying value of the site was £0.5 million in the balance sheet at 31 March 2005 although the market value on the introduction of IFRS is £3.5 million. The net proceeds will be used to reduce Group borrowings.
For further information, please visit the Investors section.