6m; bringing gearing down
to 12pc and putting it in a strong position to make further investment.
1 million which was used to reduce debt, bringing the gearing down
from 178 per cent to 68 per cent.
We want to keep the gearing down
and not inhibit our ability to build at Merry Hill or any of our other ventures.
Debt was cut dramatically, with gearing down
to 28pc from 84pc last time.
In addition, the sale and leaseback of a Doncaster franchise together with the complete disposal of other outlets, had now taken gearing down
from the high levels reached at the year end in May.
This has helped bring gearing down
from 74 per cent a year ago to 26 per cent at the end of July.
Car dealer Sanderson Bramall said it was ready for more acquisitions yesterday as it revealed it had brought its gearing down
and profits up since the acquisition of Mercedes specialist Charles Sidney.