Deal will reduce CI Traders’ debt

Deal will reduce CI Traders’ debt

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.

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