FINANCE: Rotch Property Group, the investment vehicle of Robert Tchenguiz (pictured), has reported a dip in profits as revenue declined, according to the company’s annual report for 2014.
The company posted gross profits of more than £6.8m in the 12 months to the end of May 2014, down by 10% on 2013. Revenue decreased from £10.1m in 2013 to £9.8m in 2014.
The company made no disposals or acquisitions in the financial year but saw the value of the property held in its portfolio rise from £412,000 in 2013 to £6.2m in 2014.
A loan default attributed to a subsidiary, Uni Lease 1, in 2012 remains unresolved and the company still retains the risk of having the loan called in.
Rotch said, however, that this would fall on the subsidiary with Rotch materially unaffected.
