News - Midlands
Metalrax disposes of Hockley site
Birmingham-based engineer Metalrax has sold its vacant property in Hockley for £755,000 in a bid to reduce group borrowings.
The site had been empty for two years following the relocation of the company's trading entity Samuel Groves.
Proceeds from the sale will be used to reduce Metalrax's bank borrowings, said the company.
The identity of the buyer has not been disclosed.
Andrew Richardson, chief executive of Metalrax, said: "The disposal of vacant properties is a key component of our strategy to reduce group borrowings. This sale is the third surplus property sale in 2011 and demonstrates our continued commitment to reducing debt."
Metalrax supplies specialist engineering and consumer durable products across the country.