AIREA plc, an Ossett-based specialist flooring company, has exchanged contracts on the disposal of its investment property in Bury, Greater Manchester.
It has sold the building to M&T Investments Group Ltd for a total cash consideration of £4,175,000. Legal completion of the disposal is expected to take place on 3 October 2025.
In the year ended 31 December 2024, the investment property generated a rental income of £345,000.
A spokesman for AIREA said: “The proceeds from the disposal will be applied to the repayment of all bank debt, thereby strengthening the group’s cash position considerably.
“This will in turn provide the group with additional financial flexibility during a period of significant investment ahead of the expected future growth of the group.”