Humberts has announced the sale of another subsidiary, BTFL incorporating Weald Property Management, for £1 and the waiver of £945,000 of deferred payments.
BTFL is a Kent-based rural and commercial estate agency based in Challock (Ashford) and Canterbury.
Humberts, which is 30% owned by Vincent Tchenguiz, bought BTFL in October 2006 for £2.58m, of which £910,000 was paid in cash and £480,000 in Humberts shares, with the balance being a deferred payment.
The proceeds from the sale of BTFL will be used to assist the group’s working capital position.
