U+I posts loss after Brexit vote

Developer U+I Group has reported a pre-tax loss of £11.7m in its half-year results, partly prompted by an £8.6m drop in value of its investment portfolio due to the Brexit vote and changes to Stamp Duty.

Revenue for the firm was also down by 27% to £55m for the six months to August this year, down from £76m last time round.

The company reported that its investment portfolio was impacted by uncertainty following the Brexit vote, but added that market conditions had stabilised in recent weeks.

Matthew Weiner, chief executive at U+I Group said the company was operating in a “challenging environment,” but had made “significant” progress in the two years since its creation from the merger of Development Securities and Cathedral Group.

He added: “I am confident that U+I’s transactional activity will continue to improve in the months ahead and that we will retain the focus of advancing our strategic initiatives within a context of continuing widespread economic, social and cultural change.”

U+I Group’s development pipeline includes a £100m mixed-use project at Cockpit Yard in Holborn and a £380m regeneration project in partnership with the London Fire and Emergency Planning Authority at 8 Albert Embankment.

In September the firm was selected by the Mayfield Partnership to develop a £850m urban regeneration project in Manchester and more recently selected by Royal London and Galliard Homes, to develop a £175m GDV project on part of the Westminster Industrial Estate, in Charlton.