Monday, August 3, 2020

Conygar makes £129.8m disposal

The Conygar Investment Company has reported “an extremely busy and transformational six month period for the Group” after revealing it has disposed of the majority of their investment properties for £129.8 million.

According to its results for the six months to 31 March 2017, the listed company recorded revenues of £4.9m – up from £4.8m in 2015/16. It also reported a pre-tax profit of £617,000, compared to a loss of £2.1m in the same period of last year.

Conygar acquired a 40 acre development site close to Nottingham train station for £13.5 million and received planning permission for the first phase of the Fishguard Marina development.

It also commenced construction work on sites in Cross Hands and Ashby de la Zouch.

Robert Ware, chief executive of The Conygar Investment Company, told Business Link: “This has been an extremely busy and transformational six month period for the Group and the Board is pleased to have disposed of the majority of the investment property portfolio which crystallises the significant capital growth achieved over the past eight years.

The attention of the team now turns to the investment properties under construction and the development projects we currently hold and to sourcing further investment opportunities, such as the recent Nottingham acquisition.  The Group is in a strong position to bring these projects to fruition with cash of £46 million available for investment and no debt”.

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