Candy and Candy falls to loss after One Hyde Park slowdown

Candy & Candy sunk to a loss last year after returning to profit in 2011
Candy & Candy sunk to a loss last year after returning to profit in 2011

NICK and Christian Candy’s main UK holdings company plunged back into the red last year after design commissions from their luxury One Hyde Park development in Knightsbridge slowed.

Candy & Candy (C&C), the management and design arm of the brothers’ property empire, posted a loss before tax of £46,899 in the year to 30 June 2012 compared with a £1.1m profit the previous year.

Accounts published yesterday showed turnover slid by 13.5 per cent from £10.8m to £9.3m, “mainly as a result of the reduced number of show apartments at One Hyde Park being designed in the year”.

But its design arm – which fits out homes, private jets and yachts for wealthy clients – performed “exceptionally well” despite a fall in business levels from One Hyde Park.

C&C was the designer and development manager on the high-end scheme, which was built by a joint venture between CPC – also controlled by the Candys’ – and a company owned by Qatar’s Prime Minister.

Total sales for One Hyde Park – billed the world’s most expensive apartment block – stood at £1.7bn in October last year.

CPC was given the green light last month by the City of London for a major residential scheme at Sugar Quay by the Thames near Tower Bridge. Candy & Candy said it will work on the Foster + Partners-designed scheme, which will demolish a former Tate & Lyle office block and replace it with 165 flats over 11 storeys.

Show Comments

In Other News