Sunday, July 12, 2020

Derbyshire property company reports record financial results

Derbyshire-based CWC Group, has reported record turnover and profit for 2018.

In its latest annual accounts, the group recorded a turnover of £104.9 million and an operating profit of £32.4 million for the financial year 2017-18, up from a turnover of £93.2 million and profit of £30.4 million in the 2016-17 financial year.

Overall turnover and profitability at the company, one of the UK’s largest privately owned property groups, has more than doubled in the last five years.

Over the past year the group has continued to deliver a number of substantial development deals and it has a healthy pipeline of sites and projects that will span the next 10-15 years.

While the group has taken the opportunity to dispose of some property over the past year, it still holds over 3,000 acres of land and 15,000 residential plots in 130 development sites across the country, as well as more than 50 office and business parks and a number of larger mixed use sites.

The company recently moved to new offices following a multimillion pound investment in the former St Mary’s Nursing Home at Ednaston, Derbyshire. CWC occupies 5,500 sq ft of space in the refurbished Ednaston Park building while the remaining 12,500 sq ft has been turned into class-leading serviced office space.

Chairman of the CWC Group, David Clowes, said: “Our latest financial figures tell a compelling story of robust management and cautious investment by the group. To have more than doubled our turnover and profitability over the past five years is testament to the hard work of our professional team and a vote of confidence from the market in our company’s direction and ethos.”

Finance Director of the CWC Group, Ian Dickinson, said: “To record another year of growing turnover and profitability is an indicator of the current state of the UK property market. Our turnover and profitability have fluctuated over the years due to disposals and single large transactions which can inevitably distort figures in a single year. However, it is always better to look at long term trends, which are highly favourable for the group and its future development pipeline.”

CWC Group is working on a number of major developments across the East Midlands and the UK. One of the most significant is the Fairham site south of Nottingham where Rushcliffe Borough Council gave the green light early in 2018 for a £750 million development of up to 3,000 new homes and 1 million sq ft of commercial space that could create 2,500 new jobs.

This flagship mixed use development will bring much-needed employment and housing opportunities to the region while creating a thriving new community with state of the art health, education, leisure, retail and community facilities in a well-planned, safe and friendly environment.

Founded by Charles Clowes in 1964, the CWC Group has flourished over the decades to become one of the largest privately owned property companies in the UK. As an experienced developer, landowner and landlord, CWC has real depth of experience across the full spectrum of real estate activity. CWC has a world-class portfolio of developments in the commercial, residential, leisure, industrial and mixed use sectors across the UK.

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