A listed plastics products maker has agreed to sell its former Merseyside headquarters for £3.5m.
Coral Products, which relocated to Wythenshawe recently, has exchanged contracts for the sale of its freehold premises at North Florida Road, Haydock, to Glenbrook CP.
The group will spend approximately £650,000 replacing the roof to the property prior to completion, which is anticipated by the end of the third quarter of 2021.
The property was originally purchased by the group in December 2012 for £1.75m and is held in the books of the group at a carrying value of £2.5m.
The tenant is currently contracted to pay the group £300,000 per annum in rent for use of the property.
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Executive chairman Joe Grimmond said: “Following the repayment of the CBIL loan, the sale of the property and the return to normal business activity, the group has three profitable, cash generative businesses, a strong balance sheet and a much increased cash balance which will be further enhanced following completion of the sale of the property.
“This will support organic growth whilst allowing for us to seek acquisitions to augment our existing activities and reward shareholders for their long term support.”
The move comes after Coral Products bought a counterpart which has worked with the likes of Airbus, JCB and Bentley.
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