Rich List 2012: =No.41 - Simon Clarke (£125m)
Simon Clarke’s St Modwen regeneration specialists has returned to profit after taking a battering in the construction and property market downturn.
Falling land and property values took their toll on the Clarke family’s 28.3 per cent stake. But in its trading year to November 30, 2010 St Modwen saw its losses reversed and posted a £37.5 million pre-tax profit, compared to a £119.4 million loss the previous year.
And the company remains upbeat about the future.In a trading update at the beginning of December the company predicted a continuing strong performance with even higher profits. It added that it expected to include realised profit in excess of £20 million from development activities and it had arranged an extension of £119 million of existing corporate funding facilities, helping its medium term funding and debt position.
Mr Clarke, aged 46, takes an active part in the running of Quinton-based St Modwen, the company founded by his late father Sir Stan Clarke who died in 2004, following the sale of the family stake in Dunstall-based Northern Racing in 2007.
St Modwen is involved in many high profile projects, none more so than the 15-year £1 billion regeneration of the massive Longbridge site formerly occupied by MG Rover.