A thriving centre that is home to small businesses in Rugby has been sold.

Hillmorton Craft Studios has been acquired by Warwick-based Prova Investments from property investment company The Wigley Group, which has its headquarters in Warwickshire.

The 11 units range in size from 250sq ft to 1,000sq ft and are currently fully let.

The Wigley Group acquired the 3,163sq ft business centre, near the historic Hillmorton Locks on the Oxford Canal, in 2016.

The sale means the company — recently named Coventry and Warwickshire’s property and construction cusiness of the year — has been involved in property transactions totalling over £7 million in 2021.

Louis Washington-Smith, director of estates at The Wigley Group, said: “In the six years that this property has been part of our portfolio it’s been satisfying to have been able to give start-ups and small enterprises a place to do business and grow.

“With all the units fully let, we felt like it was the right time for us to focus on our core portfolio strategy which places much focus on assets that have development potential.”

Hillmorton Craft Studies was marketed by Loveitts and sold prior to auction to Prova Investments, which was represented by Bromwich Hardy.

Tom Bromwich, founding partner of Bromwich Hardy, said: “This is an excellent site in a wonderful location and we are delighted to have been able to conclude this deal for our client. The studios have proved to be a wonderful home for new and growing businesses, and we look forward to that success continuing.”

Sarah Hookey, of Prova Investments, said: “The craft studios represent a great addition to our current portfolio and a diversification away from industrial units. We are looking forward to building long-term partnerships with the Hillmorton studio business community.”