Quintain sees £8m profit as customers flock to new Wembley outlet village
Quintain has reported half year pre-tax profits of £8.0m, from a loss of £25.2m last year. The designer outlet village at Wembley saw 350,000 visitors in its first month of opening, and the developer reported that AEG has been appointed to manage the Wembley arena.
In its first phase of development, 21 per cent of the 87-acre site was completed, and the shopping village is now 83 per cent let, with shops such as Nike, Marks & Spencer and GAP. The Hilton London Wembley hotel saw average occupancy of 83 per cent over the most recent quarter.
The group has also completed a £230m deal to dispose of its interest in the Greenwich Peninsula, delivering a £31m profit. Revenue was £13.1m in the six months to 30 September, from £19.9m a year ago.
Chief executive Maxwell James said that Quintain is "poised to embark on an exciting period of growth", as a company "focused on London with a solid financial base and capital to invest."
