Software training firm Pennant International has sold off one of its warehouses in Staverton for £830,000. The disposal of Unit D was part of a previously announced plan to streamline the Gloucestershire-headquartered company’s training division.
In a stock market announcement on Monday (February 24), Pennant said it would vacate will the 6,000 sq ft warehouse on completion of the deal.
The disposal follows the sale of three other commercial units at the company’s Staverton site for £1.2m, all of which are expected to complete during the first quarter of 2025, subject to contract.
The net proceeds of the latest unit sale will be used by Pennant to reduce overdraft borrowings, the business said. After transaction expenses, the disposal is expected to realise a small gain against unaudited book value and will result in extra group borrowing “headroom”.
In December, Pennant said it expected “modest” profits for the financial year after undergoing a cost-cutting drive. The AIM-listed firm has axed 30 roles from its workforce since September along with selling off commercial units at in Staverton.
Pennant operates globally, with offices in Europe, North America and the Indo-Pacific region, and employs more than 100 staff. The group has three business segments – software, technical services and training systems – and works in the defence, space, aerospace, rail and shipping industries.
The company appointed Darren Wiggins as its new group chief financial officer last November. Mr Wiggins had been serving as the company’s interim CFO since 2023.