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Rotala PLC on Thursday proposed the sale of its Bolton depot and the majority of its related vehicles.
The Tividale, West Midlands-based bus operator said it exchanged contracts with Transport for Greater Manchester and the Greater Manchester Combined Authority to sell depot and related vehicles for a total of £30.4 million.
The company said proceeds will be used to repay a mortgage and hire purchase debt for around £14.9 million and to repay remaining outstanding drawings on its revolving commercial facility for £10.8 million. Further, cash will be used to strengthen the company’s balance sheet.
The sale will need consent from the superior landlord.
Rotala shares were 3.1% lower at 45.04 pence each in London on Thursday morning.
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