Gladman focuses on existing portfolio

COMMERCIAL property specialist Gladman Developments has focused on improving the value of its existing sites as tough conditions persist.

According to newly-filed accounts, the Congleton company has curbed its core business of speculative development of office and industrial buildings.

In their report the directors said: “Given that the property market remains depressed there was a shift in emphasis away from speculative development, with a greater focus on enhancing the value of landholdings by improving the planning status of sites.

“Significant progress has been made in this area with several sites likely to benefit from revised higher value planning permissions over the coming 12 months.”

Due to fewer disposals, sales in the year to March fell from £46m to £11.8m. The company made a pre-tax loss of £1.2m, compared with a profit of £1.5m last time.

The directors added: “Trading through the period has resulted in a small loss which the directors feel, given the difficulties of the market, is a satisfactory result especially as significant progress has been made on increasing the value of land through planning gain, the results of which should start to be seen in the next 12 months.”

The company, which was founded by co-owner David Gladman in 1987, employs 28 staff.