LPA Group has bought a 44,000 square feet factory near to its existing Tudor Works factory in Saffron Walden.
The LED lighting and electro-mechanical system manufacturer is paying £1.3m for the former furniture factory and will invest further cash in refurbishing the property. That should be finished by the middle of 2013.
The 1.4 acre Tudor Works site is no longer suitable for modern manufacturing and the site has outline planning permission for 24 homes. LPA expects to sell the site for substantially more than the £500,000 book value.
At 62p a share, LPA is valued at £7.2m.
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