Worthington Group posts a loss
PROPERTY and investment business the Worthington Group has posted an annual loss of £487,000.
The Wilmslow-based group, led by Joe Dwek, said losses at Trimmings By Design, a soft furnishings company in which it holds 44%, had dented the group’s balance sheet which recorded a profit of £49,000 last year.
Worthington’s share of the losses at Derby-based Trimmings By Design was £56,000 but it also made a provision against future losses of £145,000.
The business, which also manages property assets in Yorkshire, saw its net asset value drop by £2.26m to £1.08m, mainly as a result of the fall in value of its pension scheme assets.
The figures, which cover the year to March 31, show the group’s pension scheme deficit rose from £918,000 to £2.6m.
Mr Dwek said the business continued to investigate various planning schemes to realise the maximum value out of its site in Keighley.
“We will have to be patient whilst we wait for the property market to improve. Meanwhile the property is almost fully let to established tenants,” he said.
