UK Coal has announced that it has sold 900 acres of UK agricultural land and associated buildings for £5m.
The land has been bought by private investor Strawson Group Investments and George David Strawson and Elizabeth Anne Bisson, as trustees of the Omnivale Special Pension Scheme.
UK Coal said that the proceeds will be used to reduce borrowings and improve the working capital position of the group. The land holdings were valued at £6m in December 2011.
The group announced in April that it was moving ahead with the separation of its property business – Harworth Estates – from its mining operations. Under the plan, the property arm will assume the company’s bank debt, with land and assets to be sold off as a result.
daniel.cunningham@estatesgazette.com
