Profits up by £15m for Caddick Group

Caddick Group, which has offices in Warrington and is building the Angel Gardens development in Manchester, reported pre-tax profits of £18.8m for the year to 31 August 2016, up from £3.3m in the previous year.

Turnover was £148m for 2016, compared to £94m in 2015.

The West Yorkshire-based business, which is expanding into the North West, works across the development, property management, construction and civil engineering sectors.

The Caddick Construction division saw activity levels increase with turnover up 17% on the previous year to £81m. The business is currently working on Angel Gardens in Manchester, in a joint venture with Generate Land under the Moda Living brand. Moda Living secured £85m of bank funding in January for the project, which will deliver 466 flats in a 34-storey building for the private rented sector. The joint venture said it has acquired or is contracted to buy further sites in Liverpool, Glasgow, Edinburgh and Birmingham.

Caddick Developments recently appointed Steve Widdowson as its director for the North West. Widdowson will look for investment opportunities, including city centre office and mixed-use developments in Manchester, and out-of-town industrial parks.

Paul Caddick, chairman of Caddick Group, said: “The Caddick Group financial results for 2016 are a reflection of the hard work and dedication of our in-house teams who have overseen the acquisition and delivery of a number of key projects over the past year.

“We continue to invest in the growth of the business through strategic land acquisition and look forward to building on these results in 2017.”