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 £2.1m 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 £1.7m and the remainder for general working capital purposes.

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

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