Swedish kitchen furniture group Nobia, owner of UK brand Magnet, has completed the divestment of its factory in Dewsbury as part of the consolidation of its manufacturing footprint in the UK.

Nobia has confirmed it has finalised the sale of its freehold manufacturing property in Dewsbury, UK, with a sales price of £13.6m, equivalent to approximately SEK 177 million as an all-cash deal.

Commenting on the divestment, the company said: “Earlier in the year, Nobia had announced a decision to reposition part of its UK business to enhance margin performance.

“As part of this initiative, some unprofitable businesses are being exited, and manufacturing operations are being consolidated. Consequently, the production site in Dewsbury has been closed and now divested.

“At the same time as the UK repositioning and consolidation was announced, a cost reduction program was also announced. The cost reduction program is being executed according to plan.”