29 May 2013 – sale of land
As predicted in our comment on 25 March, the group has now disposed of its 15 acre site next to its brickworks in Telford, Shropshire to Bovis Homes for £4.6m in cash. The disposal will help to reduce the group’s borrowings although only £1.6m is payable on completion with two further instalments of £1.5m each being paid on the first and second anniversaries of completion. The group will now be able to focus more fully on its core activities. The shares remain a LONG TERM BUY.