Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Ladbroke sells shopping sites

Clare Dobie,City Editor
Thursday 21 January 1993 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

LADBROKE, the betting, hotels and do-it-yourself group, has sold some of its 12 out-of-town shopping sites from its property portfolio to overseas investors.

The pounds 80m proceeds will have reduced the company's borrowings in time for the accounts to be drawn up on 31 December. A spokesman said the disposal was 'useful for the balance sheet'.

He declined to say which retail parks had been sold, but said they had fetched 'marginally above book value', which means there will be a small profit included in the accounts, due in March.

Interest on the proceeds will almost replace rent receivable from the sites, which have been sold on a 9 per cent yield.

The spokesman said the company's policy was 'to downsize its (property) portfolio when it can achieve good prices'.

Peter Hilliar, an analyst at Barclays de Zoete Wedd, expects profits to have fallen from pounds 210m to pounds 190m before tax last year. His forecast includes pounds 40m profit from selling hotels.

Ladbroke's shares rose 4p to 183p. It also announced plans to open at least 70 off-track betting shops in Argentina.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in