Regeneration firm makes a splash with £44.4m turnover
REGENERATION specialist Urban Splash – the company behind the regeneration of Sheffield’s Park Hill – has announced turnover of £44.4m in its first full accounts since a refinancing deal.
The company made pre-tax profits of £7.6m and repayed £128.8m of debt.
The 21-year-old company said since the conclusion of the restructure, the group has concluded the refinance of £195.9m of debt, £93.6m of property transactions and repaid £134.9m of debt.
The period from July 2013 to September 30 204 also saw the establishment of new joint venture partnerships with Places for People and The Pears Group and several new residential and commercial schemes in Manchester, Plymouth, Sheffield, Bristol and North Shields including the launch of the Urban Splash new modular housing concept – hoUSe.
Urban Splash said it has also continued to manage its commercial property, with investment income of more than £11.6m and a residential portfolio of over 840 rented homes with an occupancy of 97%.
Chairman Tom Bloxham said: “The challenges and demands of the last five years are now behind us and we are pleased to be firmly focused on growing our business once again.
“This, our first full year of trading as a restructured and refinanced group, has been one of the busiest, most complex but most successful periods in the group’s 21 year history.
“Last year’s successful restructure has proved a key turning point in the group’s fortunes and has provided the platform to significantly reduce our debt exposure whilst growing our business and providing us the ability to pursue the many new opportunities which a recovering market has presented.”
Bloxham hailed new projects started around the country, including at Park Hill in Sheffield, the first phase of Smiths Dock in North Shields and the start of the second phase of the Lakeshore development at Bristol.
“On our own account, we have started on site with new development projects at Stubbs Mill in New Islington (in Manchester), continued the development of further phases of Royal William Yard in Plymouth and started the redevelopment of New Hall in Liverpool. We are also progressing our residential scheme at Springfield Lane in Salford which we hope to commence on site in the near future.”
