Watch: Insider's Business Briefing - 24th December - video Dailymotion

Insider Media

In today's business briefing, Adam and Dan discuss new homes near Oxford, a retail park sale in Manchester, and results for a national electrical retailer.

Transcript

00:00In today's briefing and our final one for the year we're going to be

00:03discussing new homes near Oxford, a retail park sale and results for a

00:07National Electrical Retailer.

00:14Morning Adam, so what's got you all right today? We've got some big results this

00:18morning with City Electrical Factors. They're an electrical retailer founded

00:23in 1951 and which operates hundreds of branches across the UK. They filed

00:28results for their latest financial year. Accounts filed under CEF Holdings show

00:33turnover reached £1.22 billion in the year to April 2024. Now that represents a

00:39record figure for the group and it's up from £1.14 billion in 2023. However

00:44pre-tax profits did fall from £44.4 million to £23.3 million.

00:50Despite this a statement from the board said that they consider the results to

00:55be good. Yeah I mean it's a very impressive turnover there. Yeah definitely a big

00:59figure for the group and I'm sure they're pleased. Yeah definitely. We've got a property

01:03story for us. The house provider Vistria has partnered with Paradigm Housing and

01:08Leaf Living to deliver 370 homes in Kiddlington which is near Oxford. The

01:13site is located next to Oxford Parkway station and already benefits from

01:17outlying planning permission. But Vistria said they're now working with

01:20Churwell Council before they submit a reserve matters application. Vistria

01:24has pre-sold 139 of the homes to Paradigm who will be offering them in

01:28shared ownership and affordable rent tenures. Leaf Living have acquired 56 of

01:33the homes which will all be offered for private rent. Vistria will sell 46 homes

01:37in first homes tenure with the remaining 129 open market homes to be sold via its

01:43house building brand Bovis Homes. They've also said that they'll be investing

01:47£8 million towards improving local education, transport and sports

01:51facilities. So all round it's a great scheme for the local area. Certainly and

01:56we're staying in Prop actually a big property deal in the northwest with a

02:01Greater Manchester Retail Park anchored by B&Q having been sold for £62

02:05million. CBRE Investment Management represented by XProp has acquired

02:10Snipe Retail Park in Ashton-under-Lyne. Savills completed the sale of the 242,000

02:16square foot site on behalf of Orchard Street Investment Management. I think

02:21that's it from us. A brief briefing from us today as it's Christmas you can check

02:25out those stories online at insidermedia.com where you can subscribe to our

02:30newsletters or hear about upcoming events. Have a wonderful Christmas and

02:34New Year.

Watch: Insider's Business Briefing - 24th December

Category

Transcript

Recommended