Huge pay day for Cheshire Oaks owner as profit almost triples
The group behind outlet shopping centres such as Cheshire Oaks has issued a huge dividend to its owner after its sales and profit surged.
Mcathurglen UK has issued a dividend of £58.9m for 2023 after paying out £2.2m in 2022.
Newly-filed accounts with Companies House also show that the group’s revenue jumped from £128.4m to £164m in the year.
Its pre-tax profit also rose from £15.7m to £44.3m over the same period.
In the UK, Mcathurglen’s sites include Cheshire Oaks, Ashford, Bridgend, South Normanton, Swindon, Cannock and York.
It also has 18 locations in Europe and one in North America.
In the UK, the owner of Cheshire Oaks saw its sales rise from £40.2m to £43.9m while they surged from £84.4m to £115.6m in the rest of Europe.
In North America, its revenue increased from £3.6m to £4.3m.
However, despite the increase in revenue and profit, the average number of people employed by the group during 2023 fell from 824 to 748.
Expansion on the cards for Cheshire Oaks owner
A statement signed off by the board said: “Mcarthuerglen Group… will assist in opening new retail space across Europe in the next years.
“In addition, extensions are underway at a number of operating centres across Europe.
“Numerous new opportunities are being investigated across Europe and beyond including the opening of new phases to Vancouver phase three, Cannock phase two and Malaga phase two.
“We reasonably expect to retain the management of all existing centres currently in the portfolio, including Berlin and Neumunster which have been recently marketed for sale by the investors.
“The directors consider that the group and company will continue to perform their principal activities for the foreseeable future.”