The group has agreed to lease back the premises, initially for a six-month rent-free period, when the sale is completed.
It will use the proceeds from the disposal to reduce debt. The cash will be received on the deals completion, which is expected in three months.
The next book value of the land as of 30 September 2001 was 1.3m.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
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