UK Coal sells more land to cut debt
UK Coal has sold another 1,760 acres of farm land for £12.6m under plans to tackle its debt mountain.
The Doncaster-based coal miner said it sold the land to the Church Commissioners.
UK Coal may earn a further sum if the land is developed in future. The land holdings had a book value of £11m at the end of 2010 and generated about £100,000 in net rental income last year.
The loss-making group’s net debt stood at £220.7m at the end of the March. That compared with £242.4m at the end of 2010.