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(Alliance News) - Getech Group PLC on Monday said it has sold part of its head office for GBP650,000, despite the property market remaining "challenging".
Shares in the Leeds-based geo-energy and green hydrogen company were down 7.1% to 6.50 pence each in London on Monday afternoon.
Getech announced the partial sale of its head office. The company's head office is located at Elmete Hall near Leeds, which comprises three adjoining properties known as Kitson House, Nicholson House and the Old Hall.
It said it has sold Kitson House for GBP650,000.
Getech intends to use the net proceeds of the sale to paydown bank debt secured on the property, which is currently in discussion with the bank, with the remainder retained by the business for working capital.
The company added that it continues to market Nicholson House for sale. It intends on selling the property and moving to "more suitable" premises in central Leeds.
Richard Bennett, acting chief executive, said, "We are pleased to have sold Kitson House and we will use the net proceeds to continue to develop the business. Although the property market remains challenging, we shall continue to offer Nicholson House to the market and use the proceeds to relocate within Leeds to more appropriate offices closer to the university and its innovative community. This will enhance the business as we accelerate the development of the Globe geoscience platform."
By Sophie Rose, Alliance News senior reporter
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