HIMOR disposals boost profits
Will Ainscough’s HIMOR Group posted a pre-tax profit of £7.8m for the year to the end of June 2015 on the back of the sale of Manchester city centre office buildings Ship Canal House on King Street for £26m, a profit of £2m, and St James Court on Brown Street for £6.5m at a profit of £1.3m.
HIMOR also sold a residential development site in Standish for £8m. The profit from this sale was not disclosed.
The group’s net assets rose in 2015 from £38.4m to £63.3m following a restructure in June 2015, which involved a capital injection from the shareholders and the acquisition of the holding company for the former Shell site in Carrington from Langtree, a related company.
In 2014, the group posted a £1m pre-tax-profit.
Andrew Gee, finance director, said: “Whilst this has been a very successful year for HIMOR, the company is well placed for an even more exciting future. We secured a new £20.5 million rolling credit facility in August 2015 from the Royal Bank of Scotland and our current low gearing means much of this money can be used for new investment.”
Managing director Will Ainscough commented: “Over the last three years we have been focusing on improving our land holdings and asset managing our investment properties. We are now actively promoting 2,117 acres of land through the planning system which has the potential to deliver up to 9,500 new houses and 8.5m sq ft of commercial space. Furthermore, our investment assets are well let and continue to yield regular income.”
JLL valued the portolio. KPMG audited the results.