Gallagher’s Abbey companies shared £203m in dividends

A British company controlled by the Gallagher family and behind home builder Abbey, which was delisted last year, has received a dividend of £203.3 million (€231 million) after the move. Much of the money was then paid to another entity as a dividend.

Newly filed accounts for Abbey Developments in the UK show profit after tax in the 12 months to the end of April last year reached £41.1m (€46.7m). That compared to £33.3m in the previous financial year.

Revenue increased from £164.5m to £175.1m in the most recent period. 509 residential units were sold over the course of the year, practically unchanged compared to the previous year.

“UK trade has been strong throughout the year,” reads the balance sheet. “Rising interest rates, energy costs and high cost inflation will impact future margins.”

The accounts add that Abbey owned or controlled land sufficient for 1,595 residential lots. It is mainly active in the South East of England.

The company paid a huge dividend of £203.3 million to its immediate parent, UK-based Abbey Group, which in turn paid a dividend to Irish holding company Abbey Limited.

Abbey Limited then paid a €35 million dividend to Gallagher Holdings in the UK, which controls the Irish company

Abbey is led by Executive Chairman Charles Gallagher and the company has been listed on the Irish Stock Exchange since 1974.

The family – which already owned about 95 percent of the group – submitted a take-private offer in late 2020, with the company being permanently delisted at the end of April last year.

Gallagher Holdings said at the time there were “limited reasons” for Abbey to remain a public company and that the company’s prospects as a private company would be improved.

The company operates in Ireland, the UK and the Czech Republic, with the UK accounting for the majority of its business. It also has a profitable plant rental division in the UK.

The 2022 financial statements of Kingscroft Developments, the Abbey company used for its residential development activities in Ireland, have not yet been filed.

However, the financial statements for the 2021 financial year show that it has achieved a pre-tax profit of 1.2 million euros during this period.

Kingscroft builds primarily developments in Greater Dublin and its metropolitan area. Gallagher’s Abbey companies shared £203m in dividends

Fry Electronics Team

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