Alan Sugar’s property empire returns to profit after huge loss
The Apprentice star Lord Alan Sugar’s property empire returned to the black during its latest financial year after recovering from a huge loss, it has been revealed.
Amshold, the company which Lord Sugar holds his property investments, achieved a pre-tax profit of £932,000 for the 12 months to 30 June, 2024.
The latest figure, revealed in newly-filed documents filed with Companies House, comes after the firm fell to a pre-tax loss of £29.1m in its prior 12 months.
The return to profit came despite the group’s turnover falling from £11.4m to £8.7m in the year.
For another year, Lord Sugar’s company did not pay out a dividend, following the same decision in its prior 12 months.
The last time the firm issued a dividend was the £90m it distributed in 2022.
‘Difficult’ London market for Lord Alan Sugar’s property group
In a statement signed off by the board, the group said: “The market for quality London freehold investment property is difficult with high interest rates, uncertainty and falling valuations.”
Lord Sugar’s firm added that it achieved an operating profit for the year, before revaluations and disposals, of £3.1m, down from £6.7m.
The results come after the group completed the sale of The Crosspoint at 117-121 Bishopgate, London, for £24m on 1 October, 2024.
On its future, the business added: “The group remains committed to enhancing its current portfolio of real estate assets by means of diligent active management of stock whilst at the same time aggressively endeavouring to acquire new quality real estate asset opportunities that would complement our existing real estate portfolio strategy.
“With fixed long-term funding we remain extremely well placed to do this.
“With a strong and stable management team the group is extremely well positioned to continue to actively acquire viable real estate propositions that it feels with further enhance its portfolio.”
The accounts also come after latest The Sunday Times Rich List estimated Lord Sugar’s wealth at £1.082bn earlier this year.
The Apprentice star came in at 159th on the annual list, up from 165th last year.
In April, City PM reported that another of Lord Sugar’s groups recorded strong a profit as it grew outside the UK.