PFK has reported to shareholders significant post tax profits of £512,051 for the year ending 31 December 2019, largely due to the disposal of a relatively small part of its land at Junction 40.

However, trading was difficult in the majority of the professional businesses operated by the company.

John Rowlands, Chair, adds:

“2019 has been another very difficult and challenging year for the Company. There has been a weakening in the overall UK property market as political and economic uncertainty have impacted confidence across our sectors, in particularly Estate Agency.

One highlight was that, after consideration, we decided to take up an opportunity to sell part of our large strategic site at Junction 40 which placed the company into significant profit, as well as providing significant funds for alternative investments. Another highlight was that we have also made progress regarding our development site at Junction 41, albeit our plans are of course affected, hopefully only temporarily, by the Covid-19 pandemic.

Notwithstanding the significant profits, given the Covid-19 pandemic and related uncertainty, the Board did not feel it was appropriate to declare any dividend at this point in time.”

Board changes are also afoot. Stephen Lancaster is leaving his role as Managing Director to take up a new opportunity, John Rowlands adds:

“Stephen joined PFK around 5 years ago and has played an important role in modernising the Company and enhancing its assets. We would all like to wish him every success in his new role and thank him for his input.

I’m also delighted to announce that Andrew Green, who joined PFK in 2012, and who is a very experienced and well-known property surveyor, has been appointed to our Board as Executive Director. Also, for the time being at least, whilst management options are considered by the board, I have been asked to take the role of Executive Chairman, which I’m happy to do, without any additional remuneration.

I’m also very pleased to announce that Joseph Webb has been promoted and will be joining the Board as Finance Director. Joseph is a Chartered Accountant and joined PFK as Company Accountant in May 2016”

Andrew Green adds: –

“I’m delighted to be joining the Board and think that, despite the Covid-19 pandemic, there are some fantastic opportunities in the market place for PFK. We have excellent professionals and unrivalled local knowledge. From a pure business perspective, we are confident that we will emerge from the lockdown era in a very strong position.”

Joseph Webb commented: –

“Despite the Covid-19 crises, it is an exciting time to be joining the Board. The Company has an extremely strong foundation with an experienced Board of non-executive directors, an entrepreneurial Chair, no debt and money to invest when the right opportunities come along. Significant focus will be placed on the trading operations of the Company, which have performed below expectations in recent years, so that we can emerge from the uncertainties of the current trading environment a stronger and more robust organisation”

PFK’s non-executive directors are: Katie Milbourn, a surveyor and a director of Walby Farm Park; Stephen Dunn, Business Advisor and formerly partner with KPMG; Bernard Wharam, Motor Industry Advisor and Entrepreneur, and John Wilson, Business Advisor, lawyer and Founder of Baines Wilson LLP.

For more information please contact Andrew Green on 01768 862323.