The firm which launched the regeneration of Newcastle’s Stephenson Quarter has posted a boost in operating profits and turnover as it bounces back from the pandemic.
Clouston Group started the multimillion-pound drive to develop the derelict patch of land behind Central Station, leading to the creation of the Crowne Plaza Hotel, the Boiler Shop event space and Rocket office scheme and car park and the UTC, all of which are now operated through group subsidiaries. In June 2018 Newcastle City Council ended its contract with Clouston and a joint venture is now developing the next phase of the development, which will include new modern offices the Pattern Shop and The Pioneer.
Accounts for Clouston Group covering 2021 have now been published, in which turnover more than doubled from £3.4m to £7.6m, while the previous year’s operating loss of £1.99m was converted to profit of £446,929.The overall loss for the year was narrowed from £4.1m to £1.75m.
