Hemmings’ Northern Trust looks to refinance
TREVOR Hemmings’ main holding company is looking to refinance after extending its debt deadline to June.
Chorley-based Northern Trust’s net debt stands at £232m, down from £258.1m and the repayment deadline was extended in March. In newly-filed accounts the group said it was “in discussions with a number of potential funders to secure replacement long-term facilities”.
The directors added: “As a result of the discussions held to date, the directors are confident that appropriate renewed banking facilities will be put in place in due course.”
The group is mainly a property company with around 3,000 tenants and a portfolio worth £326.8m, down from £361.8m. The accounts show the group made a pre-tax profit of £1.9m, down from £2.7m, in the year to March while revenue slipped to £38.4m from £39.5m. The bottom line was dented by a £5.4m investment write-off.
During the year the group sold its air transport business Trustair for nothing to an Isle of Man-registered company owned by Mr Hemmings called Grovemoor. It had assets and debtors worth £8.3m and owed creditors £10m which meant the transaction was shown as a £1.7m gain in the accounts. Since the year end Northern Trust’s horseracing stable Gleadhill House Stud was sold to Grovemoor for £1.
Mr Hemmings grew up in Leyland the son of a munitions worker and is now one of the country’s richest men. As well as property and football he has interests in fruit machines and piers through Cuerden Leisure. He also owns racehorses including the 2005 Grand National winner Hedgehunter, and 2011’s winner Ballabriggs.
The figures also show that Preston North End, which Mr Hemmings rescued in 2010, now owes Northern Trust £13.5m. Deepdale PNE Holdings, the vehicle he used to buy the club, owes £5m. Northern Trust, which has 112 staff, is controlled by Wordon Ltd, registered on the Isle of Man.
