Construction
2018: No.32= - £160m
2017: No.28 - £160m
industrial property group has seen profits boosted by a revaluation of its investment properties which made a £13 million contribution in the year to June 2017.
The group's pre-tax profits improved from £25.2 million to £29.6 million while the value of the Mucklow property portfolio rose from £384.2 million to £386.9 million.
Meanwhile the group has been shifting its focus. As the regional property investment market became more subdued the company chose to focus on creating its own industrial investments, with pre-let developments where there is good occupier demand.
As chairman of Cradley Heath-based A&J Mucklow Group – one of the region’s leading industrial property companies - Rupert Mucklow has been reducing his commitment to the business to concentrate on family matters. A board shake-up has seen new non-executive directors join the company. The family has reduced its holding to just below 20 per cent.
A & J Mucklow is structured as a real estate investment trust and is the largest quoted investment property company in the Midlands.
Rupert Mucklow, aged 54, has been executive chairman of A&J Mucklow since 2004 when his father, Albert, stepped down. He owns nearly a third of the business.
Founded in 1933, the firm began life as a house builder but in the 1960s – having gone public in 1962 - moved away from homes and concentrated on investing in and developing industrial, commercial and retail property.
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Over the intervening years Mucklow has ridden out the ups and downs of the property market. A long term strategy of maintaining a portfolio of properties with potential for long term rental and capital growth is balanced against a short term strategy which is more opportunistic, acquiring when values are low and disposing when investment values are more robust.
The company is still very much a family business with the children, grandchildren and great grandchildren of the company’s founders holding shares.