News: Harworth Estates continues to perform well
Property developer, Harworth Estates is on a more stable footing following last year's restructuring of UK Coal that created two separate businesses - the mining division and property division.
Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates became Harworth Estates Property Group Limited with the new company, Coalfield Resources plc, owning 24.9 per cent and 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection.
Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance" and a deficit due to the pension fund of around £450m.
Jonson Cox, chairman of Coalfield Resources plc, said: "Following the restructuring on 10 December 2012, Coalfield Resources plc no longer has operational responsibilities but is an active investor in Harworth Estates. The company also holds a residual minority investment in [mining division] Mine Holdings. The restructuring effectively separates the company and Harworth Estates from any liabilities associated with the defined benefits pension schemes.
"Harworth Estates continues to perform well. The major fire, and subsequent closure of Daw Mill Colliery in Warwickshire, has had a material impact on the mining business.
"The fire has also led to a potential short term funding requirement for the company as Mine Holdings resolves its issues following the closure of Daw Mill.
"In these circumstances, the company has sought to obtain a facility, secured against its shareholding in Harworth Estates, from its bankers. It is expected that this facility will be repaid through an equity fundraising during 2013."
The restructure meant that Coalfield Resources recorded a post-tax loss of £6.3m for the year ended December 29 2012, compared to a post-tax profit of £55.2m in the previous year.
Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land and a property portfolio currently valued at £260.1m. One key regeneration project is the £100m Waverley community development in Rotherham.
The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.
Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks.
Key developments over the past year include the start of construction on the first 250 of the new homes at Waverley, the sale of 32 acres of land on the AMP to Rolls-Royce in a £11m deal, and contracts being exchanged with the University of Sheffield to enable the construction of the AMRC training centre and new prototyping centre.
Plans were also approved for earthworks that will allow further development of around 21.5 hectares (53 acres) of land adjacent to the AMP. Following the £7m sale of the Evolution development, Harworth has recently unveiled details of the next phase of high specification new build accommodation for the advanced manufacturing sector, to be called "R-evolution @ The AMP."
Harworth Estates website
Images: Harworth Estates
Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates became Harworth Estates Property Group Limited with the new company, Coalfield Resources plc, owning 24.9 per cent and 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection.
Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance" and a deficit due to the pension fund of around £450m.
Jonson Cox, chairman of Coalfield Resources plc, said: "Following the restructuring on 10 December 2012, Coalfield Resources plc no longer has operational responsibilities but is an active investor in Harworth Estates. The company also holds a residual minority investment in [mining division] Mine Holdings. The restructuring effectively separates the company and Harworth Estates from any liabilities associated with the defined benefits pension schemes.
"Harworth Estates continues to perform well. The major fire, and subsequent closure of Daw Mill Colliery in Warwickshire, has had a material impact on the mining business.
"The fire has also led to a potential short term funding requirement for the company as Mine Holdings resolves its issues following the closure of Daw Mill.
"In these circumstances, the company has sought to obtain a facility, secured against its shareholding in Harworth Estates, from its bankers. It is expected that this facility will be repaid through an equity fundraising during 2013."
The restructure meant that Coalfield Resources recorded a post-tax loss of £6.3m for the year ended December 29 2012, compared to a post-tax profit of £55.2m in the previous year.
Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land and a property portfolio currently valued at £260.1m. One key regeneration project is the £100m Waverley community development in Rotherham.
The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.
Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks.
Key developments over the past year include the start of construction on the first 250 of the new homes at Waverley, the sale of 32 acres of land on the AMP to Rolls-Royce in a £11m deal, and contracts being exchanged with the University of Sheffield to enable the construction of the AMRC training centre and new prototyping centre.
Harworth Estates website
Images: Harworth Estates
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