DIRECTORS at house builder and developer Robert Hitchins Group have paid out a £40 million dividend to its holding company in Bermuda.
According to its latest report and accounts filed at Companies House for the year ending March 31 2004, the money was paid seven months earlier on August 28. The ultimate parent company of the group is Bay Group Limited, of Bermuda.
During the same 12-month period shareholder funds - effectively its reserves - fell from £86 million in 2003 to £51 million. Pre-tax profits at the Cheltenhambased group fell over £12 million to £7.2 million.Turnover slumped by more than half to £28.7 million.