Profits triple to £36m at family owned firm
Profits at family owned property firm Robert Hitchins almost tripled to £36m last year.
The Gloucestershire developer said in its accounts the increase in profits was largely due to the sale of a large site along with several smaller pieces of land and two commercial sites.
The Cheltenham business said it had continued to trade well but had been hampered by an increasingly complicated planning process.
The report added the sale of substantial serviced sites will underpin cashflow while the demand for commercial property has centred on distribution centres for online retailers.
The figures for last year filed with companies House said that operating profit increased from £10.8 to £36.1.
Turnover for the year also increased from £27.3m to £89.3m.
Robert Hitchins specialises in the acquisition and delivery of land with planning consent.
One of its biggest projects is a 74,000 square foot garden centre at Ashchurch off Junction 9 of the M5. The scheme also includes 850 new homes.
Jeremy Hitchins, managing director of the business, said: “The company continued to trade successfully, despite the continuing effects of the Covid-19 pandemic.
“The planning process has become more protracted, but the company intends to be at the forefront as the economy builds itself out of the downtown.”
The company recently acquired an office building in Bristol city centre for an undisclosed sum.
The company added the property in Queen Square to its growing Bristol portfolio.
The five-storey property is currently occupied by Toshiba Europe and Great American Europe.
Simon Tothill, property and development director at Robert Hitchins, said: “It’s a great building in a prime historical location which fits our requirements really well.”
The company, which owns sites across the South West and South Wales, now has a total of six properties in Bristol.