News

Worthington sells Macclesfield site for £2.75m

06 March 2006 16:22:00

Worthington has sold its office block and adjoining factory at Fence Avenue, Macclesfield to The Printworks Chester LLP for £2.75m, it said today.

Fence Avenue has been on the market since autumn 2004 when the trading business of the subsidiary company occupying it was moved to smaller premises as part of a downsizing exercise.

A number of lower offers have been received and rejected, although today's sale will still generate a loss on disposal of some £300,000 before selling costs.

The funds received will go to redeem the mortgage on the property and eliminate all outstanding borrowings of the group, leaving it with a net cash position.

Contracts have been exchanged today subject to shareholder approval for completion on 6 June.

In respect of the remaining properties, the offer of £2.5m for the Keighley premises has fallen through with the purchasers withdrawing their offer, said to be due to funding difficulties.

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