Credit: Quintainliving.com
Quintain the developer behind the huge Wembley Park project has revealed losses of more that £700m before taxation in delayed 2023 accounts recently filed. This compares with a profit of £140 before taxation in 2022. LINK TO FULL ACCOUNTS
The Quintain board said:
The group has a clear business plan, objectives and an agreed strategy and there have been a number of major events and milestones achieved in the period to December 2023 which have contributed significantly towards achieving those objectives.
During the period and subsequently Quintain have made some sell-offs and also new loan arrangements:
If you are wondering about the 'immediate parent company', Bailey Acquisitions Ltd, there is an explanation. You will note where they are located:
5 comments:
https://harrowonline.org/2024/12/08/man-stabbed-and-another-injured-during-robbery-in-wembley-park/
Still profitable at 'operating' level - in fact operating profits rising. The Loss is clearly due to 'revaluation' of assets - Up in previous year but Down in 2023. Revaluations are always a bit speculative and depend on property market. With the new Labour Government hitting the 'but to let' sector hard with Stamp Duty increases 'investment' buyers are disappearing from the property market so property prices may fall further.
Investment buyers might also be realising that no one wants to live there!!!
The increase in operating profit suggests people do want to live there!
Or is the increase in operating profit due to them increasing their service charges???
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