1 November 1996

£16m grossed from MMB site

THE Thames Ditton site of the former Milk Marketing Board for England and Wales has been sold for residential and office development for £16m.

Fairclough Homes and Laing Homes are the buyers, with plans to develop the 23-acre site.

Most of the £16m will eventually be paid to eligible producers (after commission and capital gains tax have been deducted), worth about £550 each. But this cannot be done until another £13m is repaid from the Residuary MMBs contingency fund, the timing of which is up to the board.

This is unlikely until after the disposal of National Milk Records by the RMMB, either in the form of a co-op or as a private company. "An announcement should be made in the next couple of months, and it is our aim to see it off our hands by the middle of next year," said the RMMBs David Rive.n