QUINTAIN said its new designer outlet village at Wembley has got off to a flying start with over 350,000 visitors since opening four weeks ago, as the developer reported a return to profit yesterday.
Chief executive Max James, who took over from Quintain’s founder Adrian Wyatt 18 months ago, said: “We were taken aback by the number of people that came to the opening of the outlet and it has been going extremely well thereafter.”
“In the first four days we had 85,000 visitors – almost the same as the capacity of Wembley stadium – and it has continued,” he told City A.M.
The 280,000 square feet outlet village, which has over 70 shops including Marks & Spencer, LK Bennett and Nike selling at discounted prices, forms part of Quintain’s wider 85-acre regeneration scheme that also includes a new hotel, Wembley arena and – once completed – 5,000 homes.
The £2bn scheme has become its main focus after selling its remaining 40 per cent stake in its Greenwich Peninsula scheme for £230m last month to help slash its debt.
“Quintain had £535m of debt when we took over and 18 months later it is at £175m. That has allowed us to have some additional capital to start looking at other investments,” James said.
Group pre-tax profits increased to £8m in the first half to 30 September, up from a £25.2m loss in the same period last year.