Land sale nets millions for UK Coal
UK COAL has completed a land deal that will earn the business £5m.
The deal covers 900 acres of agricultural land that was generating rent worth £100,000 per year for the Doncaster-based firm.
The sale will see the land taken over by Strawson Group Investments and the Omnivale Limited Special Pension Scheme.
UK Coal said it would use the proceeds of the deal, which could increase if planning permissions are secured on the land, to cut its borrowings and improve its working capital.
The mining group has been engaged in a long term programme to take unwanted agricultural land off its books.
UK Coal is also in the process of a major reorganisation as executive chairman Jonson Cox looks to put the business on a more stable long term footing.
