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Rotala PLC - bus operations at Heathrow airport and in West Midlands and North West - Sells surplus leasehold property in the Queslett area of northern Birmingham for a gross cash of £350,000.
‘In an acquisition made in 2006, the group acquired a leasehold bus depot in Queslett, which, because of its proximity to another depot of the group, was never actually used by Rotala and has been sub-let for most of the intervening period. The depot has now been sold back to the freeholder, Birmingham City Council,’ company explains.
It notes it carried a £310,000 liability on its balance sheet for the depot, so the sale will result in a profit of about £643,000 following costs.
Says net cash proceeds will be used to reduce its debts. Also notes its normalised pretax profit for the first half is expected to show a break even position.
Reports pretax loss for six months ended May 31, 2021 of £123,000.
Current stock price: 33.96 pence
12-month change: up 6.1%
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