The CWC Group operates from an extremely solid financial base, built through a risk averse approach and sound judgement since it was was founded by Charles W Clowes in 1964.

The group has grown organically over many years with periodic company acquisitions, where that is the most commercially attractive to acquire the underlying business or assets.  The group now owns industrial, commercial, office, retail, leisure, residential and mixed use sites throughout the UK, which are run through 16 active trading companies and a number of management/service companies.

The group operates with a 31 March year end.  Headline consolidated accounts for Clowes Developments (UK) Ltd for the last 5 years are summarised below:-


2012 2013 2014 2015 2016
£m £m £m £m £m
Turnover – rental income 9.2 10.9 11.4 11.9 11.2
Turnover – development sales 75.6 40.9 28.7 64.7 35.4
Total 84.8 51.8 40.1 76.6 46.6
Profit before tax 22.8 22.2 14.2 26.6 18.2
Net assets 79.4 97.4 108.4 130.5 145.2


Turnover and profit fluctuate considerably dependent upon when large development sales occur.  The group does not recognise profit on contracts until completion occurs. The group has a healthy pipeline of commercial developments and a substantial land bank amounting to approximately 3000 acres including over 6000 residential plots.

The group has commercial relationships with national, regional and local house builders dependent on the size of schemes and also has a small internal house building operation.

The group is well financed with modest borrowing facilities provided by the Royal Bank of Scotland plc, with whom the group has a continual relationship since its inception.  The bank facilities are currently £65m secured against part of the group’s rental portfolio, but additional funds are available at short notice to fund specific development and for larger acquisitions.  The group operates well within its bank facilities and covenants.

The group does not operate with specific turnover or profit targets, but aims to maximise cash returns and cash flow from every individual project. It has a substantial pipeline of properties at all stages of the development cycle:

  • land acquisition and assembly
  • planning consent being prepared or applied for
  • infrastructure being implemented, buildings under development or completed
  • leased property retained and managed or sold as investments
  • infrastructured land sales, refurbishment of own or third party property
  • joint venture and collaboration agreements

The group has owned a number of active trading businesses in the past, most with a property angle and continues to look at opportunities wherever it has the skills, expertise and supply chain support to add value.