Michelmersh makes good progress

Published:  27 May, 2009

BERKHAMSTED: At the Michelmersh Brick Holdings agm this month, chairman Eric Gadsden reported good ongoing progress across the company's range of activities. "Sales from our clay products … 

manufacturing subsidiaries are in line with budget and we continue to manage carefully our production output and to maintain stock at optimal levels, which is particularly crucial in the current difficult market. We continue to produce bricks at each of our four sites in response to sustained customer demand.

"The detailed planning application for residential consent on 16 acres of our 100-acre site at Telford, in partnership with Persimmon Homes, continues to progress satisfactorily, albeit over a longer timescale than originally anticipated.

"We have now completed the refinancing of bank debt and renegotiated bank covenants for the next 24 months at competitive interest rates.

"A number of competitor companies operating across our sectors of activity have indicated that they have, or will, reduce or withdraw from our markets.

"We have identified a number of opportunities, arising directly from the current challenging market conditions, which would complement our existing business."

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