THE sale of a Halfords store in Slough has been hailed as a “good deal” as it continues to reduce its gargantuan debt.

The motor and cycle products store at 380 Bath Road, which was bought by Slough Borough Council in 2016 for over £4m, was sold off to the highest bidder.

The preferred bidder, who remains confidential, bought the property as an investment with the benefit of the current lease. A sale price is also confidential, but it is understood it was sold for a profit.

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Slough Borough Council, which effectively declared bankruptcy in 2021, is selling up to £600m of assets in order to reduce its £760m borrowing debt. Government-appointed commissioners are overseeing its financial recovery.

Speaking at a cabinet meeting on Monday, April, Cllr Rob Anderson (Lab: Britwell & Northborough), lead member for financial oversight, said it was a “good deal all round,” adding it will save £100,000 in the council’s revenue budget.

He also said it will eliminate the council’s £266m short-term borrowing, which is due to be paid by this September.

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Council leader James Swindlehurst (Lab: Cippenham Green) said getting the Halfords store, which paid £250,000 a year in rent to the local authority, off the council’s books “further advances” its financial recovery.

Senior councillors unanimously agreed to sell the site. This is the last cabinet meeting before next month’s all-out election.