Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Cash flight at Hitchins

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.