CI Traders to sell more assets to reduce debts
Thursday 27th April 2006, 12:00AM BST.
THE CI Traders group is expected to sell off or develop more of its assets this year in order to further reduce outstanding debt.
Announcing preliminary results yesterday, chairman Tom Scott said the board was ‘comfortable’ that realisation of assets in the first half of this year would reduce borrowings ‘sharply’.
Several former pubs have already been sold or are on the market and commercial premises in Guernsey have also been sold.
Last year the AIM-listed company sold its UK restaurant business, trading as Blubeckers and Edwins, for £27 million.
It also sold its investment in the newly developed Generali office building in St Peter Port for £14 million.
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