Welcome to Manchester Confidential
Reset Password
The Confidential websites will be undergoing routine updates. This may cause the sites to go offline. We apologise in advance for any inconvenience.

You are here: Manchester ConfidentialProperty & Business.

Peel Holdings Posts Robust Results For 2011

Whittaker's empire shows no signs of falling just yet

Written by . Published on January 4th 2012.

Peel Holdings Posts Robust Results For 2011

THE land, property and investment arm of Peel Holdings defied the choppy property market to post a healthy set of accounts for the year to March 31, 2011.

Operating profit of £55.2m, donation of £17,000 to charity.

Peel Holdings (Land and Property) Ltd recorded an operating profit for the year of £55.2m (2010: £58.4m) on turnover of £97.4m (2010: 92.8m).

The firm's net asset value dipped slightly to a still-whopping £640m (2010: £666m) as it continued plans to progress several large, high value schemes across the UK, including Liverpool and Wirral Waters and its £50bn Ocean Gateway schemes in the North West.

Overall, the group controls 20,000 acres of land.

The investment arm of the business provided a rent roll of £64.2m (2010: £66.7m). Although the sale of properties in Blackburn and Glasgow knocked £3m off the group's income, it also helped raise investment sales totalling £65m (2010: £4.1m).

The group reduced the amount of empty space on its books by more than 275,000 sq ft, to stand at 700,000 sq ft, which costs the business £4m (2010: £5m). It said that around half the space was industrial property in and around Liverpool and Glasgow, which was being held for redevelopment.

Peel also sold land worth £18.6m during the year although it said the land investment and sales market remained 'flat', as housebuilders continued to be cautious. 

The situation may be improving, however, and the notes to accounts reveal that Peel is in discussions with Barratts for the development of 1,000 family homes.

Peel has also set aside seven sites across 70 acres for housebuilding, worth another 1,000 homes.

Across the rest of the group, Peel's advertising arm brought in £3.1m (2010: £3.4m); its utilities division made a £1m profit (2010: £0.4m) and its environmental business generated a profit of £900,000 (2010: £1.8m).

The group carried out two refinancing exercises during the year - worth more than £450m but which saw an increase in interest charges of £13m to £79m for the year.

During the year, the group awarded a salary package of £369,000 to its highest paid director and donated £17,000 to charity.

Like what you see? Enter your email to sign up for our newsletters which are chock-a-block with more great reviews, news, deals and savings.

11 comments so far, continue the conversation, write a comment.

John Paul Getty Whittaker IIIJanuary 4th 2012.

My maths aint great and im willing to be put right but did Peel really give away 0.03079710% of their profit to charity? I take back everything bad ive ever said about this fantastic company. Keep up the great work.
Just out of interest - do we know how much tax Whittaker paid last year?

CharitybeginsintheIsleOfManJanuary 4th 2012.

I think that's right. Impressive eh?

Calum McGJanuary 4th 2012.

You are correct and it's heartwarming, isn't it?

JoanJanuary 4th 2012.

Bring back the Victorians.

AnonymousJanuary 4th 2012.

Absolutely Joan. I've been saying women should be stripped of the right to vote for ages.

That is what you meant isn't it?

Own GoalJanuary 5th 2012.

That's hilarious about the charitable donations

Jill JillianJanuary 5th 2012.

Some people are never happy, the guy gets things done,get of his back.

2 Responses: Reply To This...
AnonymousJanuary 5th 2012.

Don't be so naive.

Peel operate on a business model of 'nationalise the risk, privatise the reward'. Few of their developments are delivered without large scale public subsidies and their publicity-shy and vastly wealthy chairman lives in a tax haven. They are classic private sector parasites, own vast chunks of your city are are hugely powerful. But unlike public agencies, Peel Holdings are completely unaccountable.

Still think people should refrain from scrutinising their activity?

AnonymousJanuary 5th 2012.

Tell that to the lads who will be earning a living working on his projects starting this year ,unlike the fairy land scheme's when there's no risk,instead of in three years when the offset taxes big business's start paying back when Gorgons Labour thought they would walk back into power

David AthertonJanuary 5th 2012.

£55M on £97M, more than half profit. So if Peel halved their rents, they'd still be profitable!

JoanJanuary 5th 2012.

Are the figures correct? An operating profit of over 50%? In this economic climate? How do they do when things are going well? But I do wish they'd act with a little more concern for other stakeholders in the environments where they own property..... and a little more speed. Canal pathways in Castlefield need cleaning, bridges need maintaining. Clearly funds are not part of the problem.

To post this comment, you need to login.Please complete your login information.
Or you can login using Facebook.

Latest Rants


Repeating,without any evidence the same point that socialism = public services is hardly…

 Read more

You absolutely right,I hate all these bloody nimbys stopping development and progress.Of course if…

 Read more

Manchester's size and climate isn't dissimilar to Rotterdam or Dusseldorf but the city is held back…

 Read more

Straying off the point again David, which is that investing in public services is socialist but as…

 Read more

Explore The Site

© Mark Garner t/a Confidential Direct 2021

Privacy | Careers | Website by: Planet Code | SEO by The eWord