Michelmersh Brick has exchanged contracts for the sale of 300 acres of surplus agricultural land that came with the purchase of Freshfield Lane Brickworks.
The brick manufacturer will receive £1.3m for the land, which will be acquired by two trusts connected to Michelmersh director Alan Hardy. The trusts also own 8.9% of Michelmersh.
The book value of all the surplus land that came with the Freshfield acquisition was £1.03m and there is still 33 acres left to sell. There are also residential properties up for sale.
Alan Hardy has bought 130,000 Michelmersh shares at 35p each. Hardy owns 2.4% of Michelmersh.
At 37.5p a share, up 1.5p a day, Michelmersh is valued at £21.8m.
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