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Northacre losses up as projects shelved
PROPERTY developer Northacre suffered pre-tax losses of £3.9m last year, though the firm softened the blow by selling off several assets including the Kensington Odeon and taking advantage of rising property values.
The central London specialist blamed a lack of confidence in the lending market for its difficulty in securing work, which has spread to its subsidiaries Nilsson Architects and the Intarya design agency. The firm lost over £2m on its doomed residential project at Kensington Odeon, which was shelved in October after buyers pulled out.
The company said in its final results statement it could not give any details on the sudden departure of chief executive John Hunter in February for legal reasons.