A leading global provider of training technology has exchanged contracts for the sale of its facility in Gloucestershire.

Recognising a reduced need for space at its sites, Pennant International Group decided put its former head office in Staverton, Pennant Court, up for sale, as reported by Directors Group.

The Pennant Court site is made up of a single unit, subdivided between offices and a warehouse, totalling over 19,000 square feet of floor space.

An offer for Pennant Court by Pripco Ltd was accepted in May this year and contracts have now been exchanged for the sale of the freehold title, with completion scheduled for August 19.

The sale price is £2.1 million (plus VAT), which is expected to make a profit of £200,000. In addition, Pennant expects to make £200,000 in savings every year as a result of the sale, from running costs, business rates and other expenses related to Pennant Court.

Pennant will still have sufficient space to fulfil its order book and future opportunities with 30,000 square feet of remaining facilities in Staverton.