Thursday, 9 December 2010

Peel Holdings Land Division Make A Loss. Just Exactly How Will They Fund All Their Projects?

Peel Group’s land and property division increased its turnover and pre-tax profits during the year, but ended up making a loss overall.

Newly-filed accounts for Peel Holdings (Land and Property) Ltd show the Trafford-based behemoth, which is in the final stages of completing MediaCity on Salford Quays, recorded turnover of £91m for the year to March 31, 2010, compared to £82m in 2009.
Profits at the firm, controlled by Isle of Man-based John Whittaker, shot up to £56.5m (2009: £48m), but £64m of interest and charges pushed the firm to a loss of £3.8m for the year, an improvement of the £39m it lost a year earlier.
The debt of the group also increased however, to £907m, compared to £888m the year before.
The company’s commercial rent roll dipped by £3m to £66m. It is still spending £5m a year on empty rates charges, on the 958,000 sq ft of space it has vacant. The firm had more than 1m sq ft sat empty in 2009, however.
The company controls a 25,000-acre land portfolio. It firm recently got planning permission for its Wirral Waters scheme and submitted proposals for Liverpool Waters, the UK’s largest planning application. Last June, it was given planning consent for the 1.5m sq ft Port Salford.
It also said it intended to progress planning work on its £50bn ‘Ocean Gateway’ scheme, which links Manchester and Liverpool via the ship canal corridor.
Peel failed in its bid to build a horse racing track at Salford Forest Park, however. It now says a ‘luxury golf course concept’ will be drawn up for the site.
The firm employed 133 people during the year, with a wage bill of £7.9m The highest-paid director received £343,000. It also contributed £7m to charity during the year, an increase on the £1m it dished out to worthy causes during 2009.
You wont find any of this in Trinity "Smoking" Mirrors at Oldham Hall Street. Peel Holdings Liverpool PR company.

Meanwhile Stinky Ink Bartlett "The Prisoner" sits on this story.

No comments:

Post a Comment