Richard and Ian Livingstone’s London & Regional Properties swung sharply into the red in the year to 30 September 2007.
The company reported a £3.2m loss, down from a pretax profit of £721m the previous period, when the sale of the group’s Nordic business contributed to a £680m exceptional gain.
Group turnover for the year increased from £350m to £392m, including a high proportion of turnover derived from the group’s health club business, Next Generation Clubs.
Not including joint venture contributions, turnover remained static at £335m.
Rental income from L&R’s portfolio, which includes a number of assets let to struggling retailer Woolworths, dropped by more than £30m to £229.5m.
A revaluation of the group’s investment properties during the year, boosted the value of its portfolio to £4.5bn. After debt, the net asset value of the company was £1.7bn.
Ian Livingstone resigned as a director in April 2007 and was replaced in March this year by Richard Luck, who has joined Chris King as a director.
The highest paid director of the group took home almost £2m, up from £244,375 in 2006.
