Earnings growth for Goldentree

PROPERTY finance business Goldentree saw strong profit growth last year.

The company, owned by Betfred founders Fred and Peter Done, said it made a pre-tax profit of £3m in the year to the end of March and its loan book now stands at £50m.

This is up from £732,000 in 2011-12 and a loan book of £37m last August.

The Warrington-based business specialises in 12-month property loans of between £50,000 and £5m to builders and property developers throughout the UK.

Managing director Steve Marsh said: “The business has steadily grown over the last three years and has been funded privately by Fred Done. In the finance business if you loan more money and get the lending right you make more profit.

“So the increased profit is a result of the increased size of the loan book and bigger funding source.”

He added: “We’ve seen an increase in confidence in the last six months. There have been increased levels of activity at the smaller end of the residential market which has been helped by the Government’s Help to Buy scheme. The commercial market has been a bit patchier but there is more confidence around.”