Morbaine expects to bear fruit from labour
WIDNES-based developer Morbaine Properties more than doubled turnover to £13.8m in the year to June 30, 2011, and predicted further gains in 2012 as a string of projects move towards completion.
The company, which develops and holds schemes in the retail sector, also saw its pre-tax profits climb 73% to £840,736 (£476,729).
Morbaine is currently on site with a number of foodstore-led developments, including the redevelopment of Ashley Retail Park in Widnes which includes a new 120,000 sq ft Tesco, a joint venture with Watkin Jones for an Asda-led redevelopment of Bangor Town centre (which includes a new stadium for Bangor Town FC) and a 66,000 sq ft Sainsbury’s foodstore in Stockport town centre.
The company, which was founded in 1963 by director John Finlan, saw the value of its net assets increase by £2.3m during the course of the year, finishing at £57.1m at its year end.
Directors’ notes accompanying the accounts state that the company “is engaged in several projects whose profits will be realised during 2012 and subsequent years”.
“Work has already commenced on some projects, while others are in negotiation. The results of these projects and negotiations will benefit the group, particularly over the next few years,” it added.
Among the assets held by the company include several B&Q units at Bangor, Penrith, Queensferry, Stockport and the Isle of Man.
It also owns industrial properties at the Stakehill Industrial Estate in Middleton, north Manchester, as well as a 250,000 sq ft bus depot developed for First Manchester in Bolton.
