Severn Trent sells site to Persimmon for £21.8m

Severn Trent said it had sold a site near Nottingham to house builder Persimmon for £21.8m.

The site will form part of a 830 home development, Severn Trent said in a statement.

Andy Smith, managing director of Severn Trent Business Services said some of the proceeds would “shared with customers in the form of lower bills in the future".

Severn said the sale would realise a profit of £18.2m in the year ended to 31 March 2019. Payments will be in cash with £2.3m payable now and the rest phased over five £3.9m yearly payments.