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.