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Universal Salvage leases auction site

Universal Salvage has announced its subsidiary company, Userve, has entered into a 10-year lease and an option agreement on its former auction site in Corby with Greatline Developments.

The lease is priced at £256,000 per year and includes an option for Greatline to buy the site if Universal decides to sell.

Universal said the proceeds of any sale would be used to reduce bank borrowings.

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