Stonemartin recorded half year profits of £6.5m today, bolstered by compensation after it lost management contracts in Birmingham, Manchester and Reading.
In April a joint venture between Morley and Hermes terminated its management agreements with the serviced office provider at One Victoria Square, Birmingham, Peter House in Manchester and Davidson House in Reading.
Stonemartin has been paid £6.5m in compensation which contributed to a pre-tax profit of £7m.
The company said the remaining profit came fromm its subsidiary, Stonemartin Corporate Centres (SCC), which manages New Broad Street House in the City of London.
Stonemartin is in the process of trying to sell SCC and joint managing director Grahman Ede said once this has been achieved, ‘it is the Board's intention to return cash to shareholders through a solvent liquidation of Stonemartin.’
In a trading statement at Stonemartin’s annual general meeting last month chairman Richard Mead announced that the company is now in negotiations with one potential buyer, and hoped to conclude a sale by the end of the year. It also announced it was no longer in talks to sell the whole company.
Stonemartin’s shares opened at 5.25p today, compared to a year high of 7.25p and a year low of 3.4p.