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Sugar ‘aggressively endeavouring’ to boost portfolio

Amshold, the property business run by Lord Alan Sugar and his sons Daniel and Simon, made a return to the black in the 12 months ended 30 June.

Newly filed accounts at Companies House show a profit of £1.9m in the year under review, up from a loss of more than £26.7m in 2023. Last year’s loss was caused by a £28m fair value movement in the group’s investment properties and a circa £5m loss on the disposal of assets.

The value of the group’s portfolio this year shifted downwards by £1.1m to £85.7m.

Group turnover dropped by almost 24% from £11.4m to £8.7m over the 12-month period, however, caused by a circa £2m reduction in rent.

The Sugars said they had continued to look for property investment opportunities throughout the year under review but the “market for quality London freehold investment property is difficult, with high interest rates, uncertainty and falling values”.

They added: “The property market has come under increasing pressure in the last 12 months. Although this provides opportunities for investment, it also puts pressure on the existing portfolio.

Amshold said it remained committed to enhancing its current portfolio of real estate assets through diligent active management of stock while “aggressively endeavouring” to acquire new properties that complement its existing portfolio.

“With a strong and stable management team, the group is extremely well positioned to actively acquire viable real estate propositions that it feels will further enhance its portfolio,” said the board.

Photo by ITV/Shutterstock

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