Developer says slowdown in design work at its One Hyde Park site caused switch from profit to loss
Developer Candy & Candy fell into the red in 2011-12 following a slowdown in activity at its One Hyde Park development.
In its latest accounts filed at Companies House, Candy & Candy Limited reported a loss of £46,899 in the year to 30 June 2012, down from a profit of £1.1m the year before.
The firm, which is owned by brothers Nick and Christian Candy, also reported a fall in turnover to £9.3m down from £10.8m over the period.
Nick Candy, director of the firm, said: “Turnover for the year decreased 13.5% compared with the prior year mainly due to a reduction in the levels of business within the Candy & Candy design department from completing show apartments at One Hyde Park, as the number of available units decreases.”
He said the design side of the business had, however, performed “exceptionally well” and continued to secure new commissions overseas.
The accounts also showed that the firm had increased staff from 87 in 2011 to 94 in 2012.
The highest paid director received remuneration of £250,000.