Conran Holdings, the parent group of Conran & Partners, has reported a massive increase in pre-tax profits to £36.7m for the financial year to March, up from £2.6m last time, and on sales of £109.3m.
The lion’s share of the profit stems from the sale of its 50 per cent stake in London’s Great Eastern Hotel in Liverpool Street, central London. The property was acquired and redeveloped by Conran Holdings in partnership with the Blackstone private equity group, subsequently sold to the Hyatt hotel group for £150m.
Conran & Partners is said to have ‘traded well during the financial year’, while The Conran Shops’ sales fell to £29.6m from £30.8m, following the disposal of two ‘surplus’ stores. Trading was reported as strong in Paris and New York, but ‘tough’ in London. Conran’s European restaurants saw profits of £4m on sales of £56.3m, up by 18 per cent.