News blog
Michelmersh Brick
- BY: Andrew Hore |
- POSTED: 20/05/2010 |
Brick manufacturer Michelmersh Brick expects to complete the sale of surplus assets from the purchase of Freshfield Lane Brickworks in the near future.
Surplus agricultural land should be sold for £1.4m. Two residential properties are likely to be sold for more than their book value. There should also be a profit on the sale of other properties.
Additional cash should come in from the deal with Persimmon for the Telford site. Michelmersh has also extended its debt facilities.
Like-for-like sales are well in excess of the previous year.
At 39.5p a share, up 1.5p on the day, Michelmersh is valued at £23m.
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