Castings firm sells Fradley site in £2m deal

Walsall-based machining group Castings has sold its Fradley site in a deal worth almost £2m.

The move comes after the firm closed its Fradley site earlier this year with its machining business consolidated at its Brownhills facility.

The firm revealed the sale in a trading update this morning (October 6) in which is said that demand from its core commercial vehicle sector was moving back towards pre-Covid levels.

A statement from the company said: “There remains uncertainty regarding the impact of Brexit and the pandemic and therefore whether this forecast demand increase will materialise and how sustainable it might be.

“In the light of the pandemic, the board has focussed on cash preservation during the six-month period; the balance sheet remains strong with cash levels of £35 million as at 30 September 2020.2