Buccleuch Group posts profit
Written by author on April 2, 2012
The Buccleuch Group,has returned to a modest profit after hitting severe financial problems.The property and agriculture company is headed by the Duke of Buccleuch , who owns land across southern Scotland.It posted a profit of £700,000, compared with losses of £5.6m in the last financial year.In 2008, it reached losses of £18m on turnover of £65m.
The Buccleuch Group changed business strategy after hitting sizeable losses, with more energy being focused on commercial property, biomass energy and tourism. Chief executive John Glen, who joined the Edinburgh-based company in 2008, said the latest results were “encouraging”.He said: “Our strategy has resulted in substantial debt reduction and a return to profit after three very challenging years.”
He added: “We have continued to invest further resource in our hospitality and tourism, where our unique combination of natural and heritage assets can provide visitors with a range of exciting and stimulating experiences.”
