million deal by selling its Flagship Offices in Guernsey to Fortis Property Holdings (Guernsey) Ltd.
The offices were part of the investment property portfolio and generated rent income of £2.
5 million per annum.
The proceeds of the sale will go towards reducing the group’s bank borrowings, which at the end of July totalled £189 million, costing the company £6.
million in interest charges.
Most of the debt was incurred in order to purchase Comprop, a property company chaired by Tom Scott, who also chairs CI Traders.
The sale of the Flagship Guernsey offices, forecast in September, will no doubt have a positive impact on the preliminary results for the year, due to be announced before the end of this month.