James Latham Group points out that it made a profit of just over £15.6m on the sale of its site in Clapton to Countryside Properties. The figure was not, as reported in TTJ (December 25, 2004/January 1) the price secured for the property.
James Latham moved its head office to Hemel Hempstead in 2001 and opened depots in Thurrock and Purfleet 18 months after. The Clapton site became surplus to requirements.
The company says the reorganisation of its business, which also includes the launch of a new site in Dudley, has helped it improve its performance. In the six months to September 30 turnover was up 11.6% at £54m and pre-tax profits 60% at £2.2m.
Director Peter Latham said that the proceeds of the Clapton sale would be invested in the business and be used to bolster an under-funded pension scheme and pay a special dividend to shareholders.
