Manchester developer Urban Splash reports highest recorded turnover

Manchester-based developer Urban Splash has released the results of its latest accounts for the period ending September 2013, with growth recorded across its portfolio and a return to profit.

The noted a substantial increase in its turnover from £33.6 million to £132.6m, its highest ever-recorded turnover.

The company also recorded a small profit of £0.05 million, improved from the loss of £15.4 million in the previous year.

The balance sheet position worsened largely as a result of a £16.3 million downward revaluation of the group’s commercial properties reflecting that regional commercial property values remained depressed in the period.

Urban Splash has also established two new joint ventures with Places for People and The Pears Group and restructured all of its banking facilities.

The period covered by the accounts has been a successful one for Urban Splash; as well as selling a £77 million residential portfolio to Places for People, Urban Splash also formed a joint venture working partnership with the organisation to develop property across the UK.

Their first project together, the construction of 182 apartments in the second phase of Park Hill, Sheffield is currently on site and the joint venture is currently working on other projects.

Then, in April this year, Urban Splash restructured its banking arrangements and working in partnership with The Pears Group agreed financing on all of its remaining debt and the Urban Splash Braun portfolio, which consists of 35 properties including; Fort Dunlop in Birmingham, the Matchworks in Liverpool and Smithfield Buildings in Manchester.

Urban Splash chairman Tom Bloxham MBE said: “The last 18 months has been one of the most important in our recent history; one which has hopefully put Urban Splash on a sound platform for future growth as well as finding a solution to the problems associated with the large debt burden which has beset us since the onset of the financial crisis in late 2008.

“With our restructure and refinance behind us I believe that together with our new partners and our established brand, we are in a position to respond to the many opportunities now presented by the property market in the UK – we have lots of new ideas and we hope to be announcing some of them soon.

“With an improving economy and a resurgent property market, even outside of the South East, I have never been more excited by the opportunities that lie ahead for Urban Splash.”

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