Flying Brands has agreed terms to sell part of a property in Jersey as it seeks to pay down debt.

The property is at Retreat Farm and will be sold to Jersey-based property developer JAJ Properties. It consists of unutilised office space.

JAJ has agreed to pay ÂŁ2.1m in cash, with the purchase conditional of normal Jersey conveyancing formalities.

Flying Brands said it will use the proceeds to pay off its existing term loan from its bank of ÂŁ1.7m and the remainder for general working capital purposes.

It said the sale will “significantly improve our balance sheet”.

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