Discover Leisure sells properties
CARAVAN retailer Discover Leisure has sold a number of properties, the proceeds of which the Yorkshire company will use to pay off a £5m loan.
Trading from the properties ceased earlier this year following the implementation of a Company Voluntary Arrangement, a move aimed at helping the business move forward following a slump in trade and restructuring.
A caravan centre at Orpington in Kent has been sold to three businessmen for £1.34m.
In Portsmouth, a contract for the sale for land and buildings has been exchanged with BDW Trading, for £1.65m, subject to planning permission being given.
A property in Carlisle has sold for £120,000 and one in Wrexham for £230,000. Discover said these two deals generated a profit of £78,000.
Discover said its outstanding debt to NatWest now stood at £3.34m and three other properties with a value of £1.5m were also being marketed.
“These are being marketed and interest has been expressed in all three and the board hopes to conclude the sale of some of these properties in the near future,” Discover said.
“It is expected that these properties will realise sufficient to pay off the balance of the loan due to NatWest.”
The CVA saw unsecured creditors recoup 22p in the pound compared to if the East Yorkshire firm had gone into administration, which would have seen them recover far less and has been avoided thanks to the CVA process.
