Pittards PLC have sold their principal operating site in Yeovil for £3.1 million in cash and agreed to lease back the site for ten years for an initial annual rent of £254,000. The company made a profit of £0.49 million before transaction costs over net book value from the sale of the property and will benefit from a rent-free period of six months.
The motivation for the sale is that Pittards are now able to use the net proceeds to repay the loan plus accrued interest due to the trustees of the Pittards pension schemes.
