The former Yardley factory site in Basildon has been sold, it was revealed today.

Receivers KPMG confirmed the 400,000 sq ft site has been bought for an "undisclosed amount" by Mirravale Properties and the Minton Group as a joint venture.

The announcement has put to rest rumours Basildon company PMS International had taken over the huge site on a permanent basis.

The toy manufacturer and importer confirmed it has been leasing a section of the empty warehouse as an "overflow" unit but denies a five-year lease has been signed for use of a third of the Yardley's site as a warehouse.

Bosses at it's Christopher Martin Road site added staff are ready to move into the company's own 75,000 sq ft extension soon.

Several firms are expected to occupy the site which agents Edwin Hill, of Waltham Abbey, said will undergo a "mixed use" refurbishment.

A spokesman for manufacturing giant PMS said it would review its interest in the site once it has moved into its own extended site.

If an overflow warehouse is still needed then the Yardley's site would be considered.

The site was given planning permission to be used for offices, light industrial use and warehousing after receivers moved in.

John Bell, of Edwin Hill, said: "This is one of the best development opportunities in Basildon as it can be seen from the A127 and is on the Pipps Hill Retail Park."

Richard Whitehead, of KPMG, said: "We are very pleased to have reached a successful completion to the negotiations concerning the sale of the site."

Mixed use - Yardley's factory site will be leased to a variety of firms

Picture: MAXINE CLARKE

Sad fall of Yardley

Yardley's decision to leave Basildon two years ago came as a hammer blow to the town's economy.

More than 400 production line jobs were axed in March 1998 when the company decided to shed underselling cosmetic brands such as Cyclax and Morny.

The decision left the Pipps Hill plant with spare capacity as it began to centralise its operations in London.

Yardley said it would try to employ 200 sales and distribution staff within Basildon.

However, attempts to save the company failed, and Yardley's was forced to call in the receivers.

Receivers KPMG said it was hoping to sell off the site as a whole to a major international name and companies such as Wella, Unilever, Proctor and Gamble have all been rumoured to have shown interest.

Last year it became clear the 40,000 square metre site may well be redeveloped piecemeal when Basildon Council gave planning permission for it to be split up and used for light industrial, office, distribution or manufacturing.

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