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(Alliance News) - Speedy Hire PLC said Tuesday it has sold a plot of surplus land to Bellway PLC subsidiary Bellway Homes Ltd for GBP4.0 million.
The tools and construction equipment rental firm said it acquired the land in the Birmingham area in 1994, which had Green Belt restrictions on it until 2017. Green Belt policies are used to restrict building and construction in areas surrounding urban areas.
The land had a book value of GBP100,000.
Speedy Hire Chief Executive Russell Down said: "We are pleased to have completed the sale of this asset to a natural new owner in the shape of Bellway Homes. The disposal makes strategic and financial sense for Speedy and the proceeds will be used to benefit the core operations, in line with our capital allocation priorities."
Shares in Speedy Hire were trading 0.7% lower in London on Tuesday at 55.20 pence each. FTSE 250-listed Bellway was 0.4% lower in London on Tuesday at 3,220.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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