Former Dunelm boss Sir Will Adderley saw the value of his portfolio of shops and offices fall by almost £45m last year.
Adderley owns a chunk of Harley Street in London, plus a number of Marks & Spencer stores and office blocks around the country through his Marlborough Property Co vehicle.
The value of that portfolio fell by £44.6m in 2023 to £228.5m. Adderley spent £278.5m building up his portfolio, meaning he is currently sitting on a £50m paper loss.
Excluding the valuation movements, Marlborough turned an operating profit of £8.2m last year, up from £7.8m in 2022. Revenue increased by 9% to £10.8m.
