A loss of over £20m has been revealed at the Leaders Romans Group in accounts newly posted at Companies House.
These cover the nine-month period to December 31.
For the nine months to the end of last December, the group’s turnover was £86,012,809.
Operating profits before amortisation for the nine months to the end of last year were £14,429,355.
Pre-tax losses for those last nine months of 2017 were £20,563,669.
As at the end of last year, the group held cash of £13,751,780.
From the accounts, the group looks to have bank loans of £125m falling due within two to five years, with £120m due to be repaid on July 26, 2020.
A strategic report at the front of the accounts is however relatively upbeat, stating: “The directors are cautiously optimistic about the next 12 months.”
The accounts also say that the “group continues to look for suitable opportunities to acquire businesses to grow its portfolio and geographic network”.
Of the businesses it acquired during the last nine months of last year, it paid £517,563 for Bath Property Letting Ltd; £1,162,099 for Penyards Property Management Holdings Ltd; £1,035,309 for City Lettings (Norwich) Ltd; £952,287 for J South Ltd; and £526,292 for MBM Management Ltd.
There were other acquisitions, described as “non-significant”.
The ultimate parent company of the group is Bowmark LLP.
In a section about related party disclosures, the accounts say that Bowmark Capital Partners IV holds loan notes of £96,831,995.
The accounts say that interest on the loan is charged at 7%, and at the end of last December, £7,037,138 was charged to the profit and loss account.
Other Bowmark companies also hold loan notes, as do a number of directors and shareholders who are individually listed.
The accounts say that interest on these loans is charged at 9%.
https://beta.companieshouse.gov.uk/company/09939099/filing-history
Comments (11)
well they charge a fair whack to the tenant (2 people moving in on a sat is around £1k)
cannot imagine they are the cheapest on landlord fees either
Is it cheaper if they move in during the week 🙂
almost 380 properties under management per branch which is pretty strong,
Depends on the management fee doesn’t it.
Don’t worry these guys know how to charge!
IMHO – Its agents like this why we are facing a ban on fees.
Foxtons, Countrywide, Romans there will be plenty more due to tougher trading conditions.
It’s all about OPM (other people’s money) with these company buy outs etc.
Loans of £125 million repayable in 2-5 years. Good luck!!!
Agency is all a bit thin at the moment for many.
Low cost base and sensible commissions are the only way forward in my view. It is hard work though, and not for the feint hearted.
Actually they have loads of cash and profit is high.. are you sure your not an online supporter EYE??
Calm down Dr Seuss! 😉
“The directors are cautiously optimistic”
Is that because they all knew they were going to be leaving?
Good luck when the tenant fee ban kicks in