Firm pays back 拢800,000 furlough cash

Student accommodation and build to rent specialist Watkin Jones said a provision of 拢21m to cover the costs of covid-19 and cladding remedial work helped send full-year pre-tax profit down by nearly half .

The firm said it had forked out nearly 拢6m because of disruption caused by the pandemic while cladding replacement costs had hit 拢14.8m.

Watkin Jones Hove Gardens - External C01

It said a strong second half meant it was able to pay back the 拢800,000 it received from the government鈥檚 furlough initiative.

The firm said it had completed seven schemes in the second half and had sold two student accommodation schemes to Brookfield-owned accommodation specialist Student Roost for 拢48m.

Revenue for year to September was down 5.5% to 拢354m with pre-tax profit slumping 47% to 拢25.3m

In September, Watkin Jones won planning permission for a 216-home residential scheme in Hove, East Sussex, called Hove Gardens (pictured).

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