Sarah Townsend
The Manchester-based developer and asset manager posted a pre-tax loss of £18.9m for the year ended 30 September 2020, “against a backdrop of declining commercial property values”.
Bruntwood said the value of its 100%-owned Bruntwood Works portfolio remained consistent year-on-year at £973.1m, but it recorded a £21.2m valuation loss as it invested capital to maintain its portfolio’s value as commercial property values declined during the Covid-19 pandemic.
“This accounting loss, together with similar revaluation movements in joint ventures and a prudent increase in its provisioning to safeguard the business from future economic disruption, led the group to post a pre-tax loss,” the group said in a statement.