The Shepherd family is still counting the cost of exiting mainstream construction activities three years after selling its building business to Wates.
The Shepherd Building Group sold its built environment businesses in September 2015. However, Wates refused to take on Shepherd’s Colindale project, a mixed residential and retail development in north London.
Now the firm has revealed that retained elements of Shepherd Construction ran up losses of £31.5m, mainly due to extra provisions to complete the retail and high-rise residential project.
The £80m construction scheme known at TNQ was completed last year and consist of five residential blocks of 6-8 storeys and main 19-storey tower, comprising 462 self-contained flats along with ground floor retail.
Despite this further setback, the Shepherd Building Group delivered a £14m pre-tax profit in the 2017, supported by the retained Portakabin business with total revenue down slightly to just under £300m.
During the year the modular and portable building arm increased profit by over a third to £51m.
The underlying growth came from the hire and sales businesses across Europe.
The group employs around 1,900 staff.
from Construction Enquirer http://www.constructionenquirer.com/2018/09/12/shepherd-family-still-counting-cost-of-construction-exit/
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