Pittards completed the sale of its former factory site at Kinghorn, Fife, for a price of £3.15m. Conditional contracts were exchanged in December 2004 with completion conditional upon receipt of an outline planning consent satisfactory to the purchaser.
The site, which is approximately 25 acres in area, has a book value of £0.9m. Outline planning consent for residential development on approximately 10 acres of the site was granted in July 2005. Net sale proceeds will be applied to the reduction of borrowings.
