Discover Leisure site sale agreed

CARAVAN retailer Discover Leisure said today it sold its Portsmouth site for £1.65m.

The East Yorkshire firm said the sale, on Thursday, had been agreed with BDW Trading, part of Barratt Developments.

Discover said they would make a profit of 150,000 based upon the site's book value of 1.5m.

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The deal completes the sale of seven surplus properties which arose as a result of restructuring in the early summer of 2009.

The sale has generated 4.865m, compared with a valuation in April 2009 of 4.4m, Discover said.

The proceeds have been used to pay down Discover's asset disposal loan with NatWest Bank and the final disposal leaves a balance of 293,000.