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Refocus on FM services brings business back on track

16 February 2021

Restructuring exercises have helped Acepark Group to record pre-tax profits of £63m for the year ended 31 January 2020 and an increased focus on the provision on FM services.

Its recent financial report, covered by Business Live, stated that the company had seen a considerable improvement in its financial status from 2019, when it made pre-tax losses of nearly £160m and recorded a turnover of £56.8m.

The company had previously purchased Toys 'R' Us Properties (UK) and it had subsequently sold assets from this company and some of its loss-making, property-owning group members last year.

Its efforts have seen the business repay existing bank debt and put new financing arrangements in place.

Following the sale and refinancing exercises, the group has said it is now more focused on the provision of property and FM services, including real estate and asset management.

Although the business has considerably improved its financial status, with some individual group members continuing to record positive balances and profits, it has reported that it is unlikely to record a profit for 2020 for the group as a whole.

"While the commercial property arm of the group remains profitable, it is well known that there continue to be serious problems with high street retail and shopping centres," said the group's statement.

It had been able to perform as well as possible last year, the statement continued, due to the "strong liquidity" of the group and the implementation of "necessary measures" to survive the effects of the pandemic.

"Working capital is closely monitored, especially to ensure the timely collection of debtors, particularly for rental invoices raised within for the various property-owning companies for which the group provides services," it said.

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