The separation of Soho Estates – the late Paul Raymond’s central London property empire – resulted in a bumper £78m payout, accounts revealed this week.
According to Companies House records, the Paul Raymond Organisation received a £78m dividend in the 15 months ended 31 March 2011, compared with just £2.7m in the 12 months ended 31 December 2009.
Soho Estates was split into two separate entities in March following a strategic review.
Raymond’s son Howard took over as director of a new offshoot business, Raymond Estates. Raymond’s nephew, Mark Quinn, became chief executive.
John James remained as chief executive of Soho Estates, with former London mayoral candidate Steve Norris taking up the position of chairman.
Soho Estates’ accounts show that some £70.3m of assets were transferred during the period under review, reducing its portfolio value to £301.7m at 31 March, compared with £362.9m in 2009.
Turnover increased by almost 22% to £30m, with pre-tax profit up by 16.5% to £21.9m. The highest-paid director more than tripled their remuneration, taking home £916,302.
