Business

Rushmere Shopping Centre's parent owner posts £7.7m pre-tax profit

The Rushmere Shopping Centre in Craigavon
Ryan McAleer

THE property investment firm behind the Rushmere Shopping Centre in Craigavon has posted a pre-tax profit of £7.7 million.

Moyallen Holdings Limited is owned by brothers John and Peter Robinson.

Their interests include Granville Food Care in Dungannon and a number of property development and management projects in England, mostly based around retail centres in Woking.

Those interests are wrapped up into their parent firm Moyallen. The holding company has just filed its most up-to-date accounts with Companies House, for the year ending December 31 2018.

Turnover marginally increased by five per cent to £20.4m for the year, but there was a considerable change in terms of profits.

From a pre-tax loss of £4.2m at the end of 2017, Moyallen Holdings finished 2018 with a profit after tax of £7.66m.

The group’s interest in the Rushmere Shopping Centre (Central Craigavon Ltd) alone reported a £8.6m pre-tax profit for 2018. That compared with a pre-tax loss of £1.8m in 2017. However, those accounts were skewed somewhat by an administrative cost of more than £8m.

The company’s income from the rendering of services at Rushmere fell 54 per cent to £1.57m in 2018. But income from rent increased from £7.9m to £8.3m.

Central Craigavon projects that its future lease payments will be in the region of £47.6m, including £25.1m due within five years.

The accounts also detail bank loan of £99.1m. But a revaluation of the company’s properties at the end of 2018 by Savills, put the total value in the region of £95m, approaching double the £52.7m the company lists as the original cost of its investment properties.

The group’s Dungannon-based cold storage and freezing company, Granville Food Care ended 2018 with a pre-tax loss of £38,815 (compared with a £677,982 profit in 2017). The directors attributed the “significant downturn in profitability” to a significant increase in employment overheads, a reduction income from other group activities and “other exceptional items”.

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