Sigma turnaround continues as it cuts losses

SIGMA Capital, the investment firm backed by billionaire Scottish entrepreneur Sir Tom Hunter, narrowed its losses last year after buying an urban regeneration firm.

Sigma cut its pre-tax loss by 60 per cent to £1.42m after making a series of changes in 2011 and said it expects to benefit from potentially lucrative partnerships with Liverpool, Salford and Solihull councils this year.

David Sigsworth, chairman of Sigma, said: “Our three council partnerships, which hold potential development opportunities worth over £2bn in total, together with our involvement with the Winchburgh Development [in West Lothian, near Edinburgh], one of the UK’s single largest residential and mixed use developments with planning, worth an approximate £1bn, provide us with a significant opportunity to build revenues and profit.”

Sigma, in which Hunter has a 22 per cent stake, posted a 34 per cent rise in revenue from services last year to £2.47m. In August it bought Inpartnership, now known as Sigma Inpartnership.

Retail tycoon and philanthropist Hunter has built a fortune through his West Coast Capital vehicle. He has had interests in several high street names such as Office and USC.