Property trader Trevian Holdings, a company in which Gerald Newton’s Country & New Town Properties has an interest, hopes to make its debut on the USM later this month. Currently, it is traded on the OTC market.
The Industrial Finance & Investment Corporation is organising a placing of Trevian shares that should raise £1.2m for the company and £207,000 for the existing shareholders.
Trevian is run by ex-Harvard MBA David Dutton, who set up the Pizzaland chain in the 1970s, and Lewis Davis and David Coffer of agents Davis & Coffer, which, from June, became part of Trevian.
The company’s main claim to fame, and its largest property asset in a portfolio valued at £7.9m, is the 13,000-sq ft Swiss Cottage House which adjoins the eponymous tube station in north-west London. It is valued at £3.2m and multi-let at £191,000 pa. Trevian intends to put it on the market next year. C & NT took its stake in the company last December when it sold a handful of properties partly in return for shares.
Trevian’s profit record has been patchy — pre-tax profit of £561,000 in 1983 fell to £179,000 in 1986 to rise again to £797,000 in the year ended April 5 — but Trevian explains that there was a heavy interest burden when technical problems with the Swiss Cottage property meant that it was slow to let.
