Qualceram Shires sells off site for £4m

Irish bathroom manufacturer Qualceram Shires announced today the sale of its former production site in Hanley, Stoke-on-Trent for £4m (€5.84m) in cash. The site has a book value of £1.3m (€1.9m).

The closure of the site is expected to result in significant cost savings to Qualceram Shires and the proceeds of the sale will be used to reduce the group's debt.

Commenting on the sale, John O'Loughlin, Group Chief Executive said: "The closure and sale of our Hanley site, with the consequent cost savings and reduction in debt, will speed the development of the group."

The 14.5 acre site is to be acquired by The Woodford Group for the residential development of 230 new homes. The sale remains subject to planning permission, and discussions regarding the development have already commenced with local authorities.

The company's share price on the ISEQ was up 5c to €1.85 just before 12.30 today on the news.