Driver Group sells Haslingden headquarters

Driver Group, the global professional services consultancy to construction and engineering industries, has entered into an agreement with Jetglobal Ltd for the sale of the freehold property interest in its central administration offices in Haslingden, Lancashire, and the immediate leaseback of these premises.

The cash consideration receivable by Driver at completion on April 20, was £1.65m.

The sale will give rise to a small profit on disposal for the group, before transaction costs.

Driver says the new lease is for an initial term up to January 2, 2026 at a fixed annual rent of £210,000 with a current annual cash cost to Driver of approximately £105,000 after adjusting for rental income receivable from a sub-tenant.

The proceeds of the sale will improve the group’s overall net cash position.

Driver chief executive Gordon Wilkinson said: “We are delighted to be able to announce the agreement of the terms of this transaction which represents the final strategic action we committed to implement in February 2017 at the time of the equity raise and refinancing.”