Former Champion Spark Plugs factory changes hands
A WELSH property investment group has sold its 50% share in a former Champion Spark Plugs factory in the Wirral.
AIM-listed Hawtin held its share in the Upton site through a stake in Hawtin Developments which it has sold for £275,000 to an unnamed buyer.
The factory – Hawtin Developments’ only asset – was valued at £3.8m in April, down from £4.4m in December, but loans secured on the property meant it had a net book value of £350,000, or £175,000 for Hawtin’s 50% share.
The company said the purchaser has assumed all liabilities relating to the property.
The 396,757 sq ft property has manufacturing, warehouse and offices facilities but has not been fully occupied for several months.
Champion Spark Plugs was closed by its US parent Federal Mogul in 2006 and sold on to Hawtin the following year. It had been operating on the site since 1968 and employed more than 300 people.
Hawtin’s chief executive Richard Hayward said: “The recent economic conditions have been particularly challenging for property developers and investors and we have worked hard during this period to strengthen our position.”
