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Fri June 21 2024

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Sweett raises £2m from PFI sale

2 Apr 12 Construction and property consultant Sweett Group has agreed the sale of its stake in the Dumfries & Galloway Schools PFI project for just over £2m.

Sweett said that it will use the cash for its future development.

Cygnet Investments (D&G) Ltd will buy Cyril Sweett Investments Ltd, whose only asset is a 15% interest in the equity and subordinated loan notes of E4D&G Holdco Ltd, which owns the PFI project.

Cygent will pay £2,175,000 in cash once the conditions in the sale agreement have been satisfied, which is expected to be or before 30 April 2012.

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