Revenues soar at Clowes Development

Bondholder Clowes Development has reported a huge increase in revenues by more than £36m with pre-tax profits also increasing to £26.6m from £14.7m.

Turnover for the year came in at £76.6m, up from £40.1m a year earlier. The company's chairman, David Clowes, said growth was down to higher development sales and one large sale of £44.4m during the year.

Now headed by one of the region's most successful entrepreneurs, David Clowes, the company was originally founded in 1964 by Charles W Clowes and now owns industrial, office, retail, residential and mixed-use sites across the UK through its 16 subsidiaries.

The company has also confirmed that turnover and profit are likely to reach similar levels in the year to 31st March 2016 due to the company's pipeline and strategy of acquiring and brining sites forward for development.