Mayfield Park c. Studio Egret West & Factory Fifteen

U+I’s hunt for Mayfield funding goes on

The developer is still looking for lenders to back the first phase offices and car park at the large Manchester project.

The developer ……. [has] updated the stock market on the “root and branch review” of the business.

Shares in U+I fell 5% on Wednesday morning as it reported a pre-tax loss of £86.7m in the year to April compared to a £58.6m loss the year before. The net asset value of its portfolio fell 30% to £202m. A series of disposals reduced debt to £72.1m, a gearing level of 35.5%, down from 44.9%, against a target of 25-35% by the end of the 2022 financial year.

U+I started an internal shake-up in January when it produced a £50m loss for the half year and saw CEO Matthew Weiner leave. Richard Upton stepped up from deputy to CEO. He called today’s results “hugely disappointing” as he reflected on “clinical decisions” that had resulted in “further trading and asset impairments,” largely related to projects in Dublin, Norwich, Slough and Bromley…..

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