CML Microsystems gets conditional planning approval for Oval Park

17th Feb 2023 16:04

(Sharecast News) - Communications semiconductor specialist CML Microsystems has been granted conditional planning approval for its 29-acre site at Oval Park, Maldon, it announced on Friday.

The AIM-traded company signed sale contracts with two parties last year, subject to planning permission, with the decision by the Maldon District Council on 16 February granting approval on all four applications bringing the plans a step closer to realisation.

It said the conditional approval was subject to the completion of the necessary Section 106 undertakings relating to the payment of a financial contribution towards the county council's costs of monitoring a travel plan.

The decision notices granting planning permission would be issued once the undertakings were complete, which CML expected shortly.

Its board said the brownfield Oval Park site was expected to bring more than 200 jobs to the district by next year, and potentially more in the following years.

Two organisations, Maldon Crystal Salt and Tecniq, were planning to relocate to the site, which was expected to provide the cornerstone of the development of Oval Park.

Works on the site were expected to start in the autumn.

"This transaction yields funds from an underutilised asset which will benefit the business moving forward," said chairman Nigel Clark.

"It underpins the group's well-publicised strategy as a pure play semiconductor business with a sole focus on global communications markets."

At 1505 GMT, shares in CML Microsystems were up 7.15% at 589.3p.

Reporting by Josh White for Sharecast.com.