Wellington scoops in Pool
Article Date: Oct 25 2001Expansionist market operator Wellington Market has added a nine year lease on a 30,000 sq ft indoor market at Pool (Redruth/Camborne), Cornwall, writes Robert Tyerman.
Wellington, whose original Shropshire market is more than 800 years old, says that the Pool market generated revenues of £530,000 in the year to April and affords 'considerable potential' for outdoor activities on the same site. The lease was bought by Town & Country Markets and follows the company's May purchase of R & C Marketing, with 12 markets in the South West.
Last year, Wellington made £438,000 pre-tax on £4.3 million turnover, but saw profits slide from £137,000 to £85,000 in the first half of 2001 on turnover of £2.3 million. Chairman Geoffrey Simon blamed the setback on bad weather and management over stretched by the company's large expansion.
Wellington has reorganised management and is continuing its drive to own more markets. At 70.5p, the shares, floated six years ago at £1 each, are nearer their year's high of 84.5p than the low of 57.5p.
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