Peter House compensation lifts Stonemartin

Stonemartin recorded a £7m half year profit today, largely due to compensation after it lost management contracts on serviced offices Manchester, Birmingham and Reading.

Earlier this year a joint venture between Morley and Hermes cancelled management agreements at Peter House in Manchester, One Victoria Square, Birmingham and Davidson House in Reading.

Stonemartin was paid £6.5m in compensation, which contributed to a pre-tax profit of £7m.

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