News: Offer accepted for Optare's Rotherham site
Bus manufacturer Optare, has accepted an offer for their former manufacturing site in Rotherham.
Following a buy-out in 2008, an in-depth restructuring programme at the Blackburn-based company led to the decision to close the firm's plant at Hellaby.
Leeds-based Optare was sold to Blackburn coachbuilder Darwen Holdings in a £16m deal in June 2008.
The closure of the Rotherham manufacturing facility in July 2009 and the Cumbernauld service centre in November 2009 resulted in total costs of £1.0m. A service centre at Hellaby remained in operation.
A sale for the building has been agreed subject to contact with an unknown buyer with the freehold land and buildings in Rotherham listed as assets held for sale worth around £2.4m.
In their latest financial results, Optare stated that net debt reduced 25% from £10.3m in September 2009 to £7.7 and that an offer had been accepted for the sale of Rotherham site with the proceeds set to reduce the debt further.
During the year ended December 31 2009, the company reduced staff numbers during from 913 in February 2009 to 474, which resulted in £2.5m of non-recurring redundancy costs.
Turnover for the year ended December 31, was £79.8m, compared with £53.5m for the 72-week period from August 9, 2007 to December 31, 2008. Pre-tax losses stood at £12m, compared with £14.6m in the previous 72-week period.
Optare website
Following a buy-out in 2008, an in-depth restructuring programme at the Blackburn-based company led to the decision to close the firm's plant at Hellaby.
Leeds-based Optare was sold to Blackburn coachbuilder Darwen Holdings in a £16m deal in June 2008.
The closure of the Rotherham manufacturing facility in July 2009 and the Cumbernauld service centre in November 2009 resulted in total costs of £1.0m. A service centre at Hellaby remained in operation.
A sale for the building has been agreed subject to contact with an unknown buyer with the freehold land and buildings in Rotherham listed as assets held for sale worth around £2.4m.
In their latest financial results, Optare stated that net debt reduced 25% from £10.3m in September 2009 to £7.7 and that an offer had been accepted for the sale of Rotherham site with the proceeds set to reduce the debt further.
During the year ended December 31 2009, the company reduced staff numbers during from 913 in February 2009 to 474, which resulted in £2.5m of non-recurring redundancy costs.
Turnover for the year ended December 31, was £79.8m, compared with £53.5m for the 72-week period from August 9, 2007 to December 31, 2008. Pre-tax losses stood at £12m, compared with £14.6m in the previous 72-week period.
Optare website
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