Former Metalrax base sold for £700,000
A WAREHOUSE formerly occupied by niche supplier of specialist engineering and consumer durable products Metalrax has been sold for £755,000.
The property, in the Hockley area of Birmingham, has been vacant for more than two years since the relocation of its trading entity Samuel Groves.
The proceeds from the sale would be used to reduce the group’s bank borrowings, Metalrax said.
Chief executive Andrew Richardson added: “The disposal of vacant properties is a key component of our strategy to reduce group borrowings.
“This sale is the third surplus property sale in 2011 and demonstrates our continued commitment to reducing debt.”
The move out of the base in January 2009 came following the closure of Stackright Building Systems and Makespace Mezzanine Floors, along with the consolidation and relocation of Samuel Groves and the RTA divisions.
The closures were geared towards Metalrax’s strategy of becoming a specialist engineering company operating in niche market sectors, the firm said at the time.
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