UPMARKET house builder Manor Kingdom (Scotland) has reported larger losses even though it managed to increase turnover.
The Scottish company, a subsidiary of Gladedale, has properties at Devonshire Row in Glasgow plus Inverkip, Inverclyde, and West Linton in Midlothian.
Accounts show pre-tax losses widened from £5.2 million to £7.5m in 2011 but turnover grew from £15.6m to £17.8m.
Directors said parent company Gladedale had put in £10.3m of funding to restore Manor Kingdom (Scotland) to solvency during the year. Average staff numbers increased from 52 to 67 which pushed employee costs up from £1.9m to £2.2m.
Directors' emoluments rose from £90,000 to £96,000. Land for development remained steady at £697,000 while the value of work in progress declined from £28.4m to £21.3m.
In June, Gladedale, which also has Bett Homes in Scotland and the Quartermile site in Edinburgh, restructured around £455m of banking facilities with Lloyds Banking Group.
Gladedale Limited, which Lloyds has a 30% equity interest in, acquired the entire share capital of Gladedale Group Holdings.
More than £381m was provided by Bank of Scotland to Gladedale's residential division. Gladedale chief executive Neil Fitzsimmons said at the time the company was seeing "positive progress".
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article