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Manor Kingdom battles to build business amid losses

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".

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