Harworth Group PLC - Rotherham, South Yorkshire-based land regenerator - Says it has conditionally exchanged contracts for the sale of its strategic land site in Ansty, Warwickshire, to SDI Propco Ltd, for GBP53.5 million, payable in cash upon completion. Harworth intends to use the proceeds from the sale for general business purposes, aligned to its recently announced strategy to double the size of its business over the next five to seven years.
Chief Executive Officer Lynda Shillaw says: "By working with a large strategic occupier, this sale enables us to accelerate delivery of this site. The proceeds will be recycled into progressing development activities across our sites and making acquisitions, such as the Rothwell site that we acquired last month.
"Together with our strong sales activity across our major development sites in the final quarter of 2021, these transactions underline how we are already delivering on our recently announced strategy to double the size of our business over the next five to seven years."
Current stock price: 178.50 pence
Year-to-date change: up 75%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Harworth Gp (HWG)