Insider Media Limited

Former Derby County chairman Peter Gadsby has reported an "impressive year" for his Derby-based property vehicle Ark Capital Group. The company says it has created 800 jobs in the East Midlands this year with turnover approaching £80m for the current financial year.

It has reported that its Miller Birch company has enjoyed success by developing a new £30m headquarters for E.On in Nottingham while Cedar House Investments, another of its companies, was involved in a 500,000 sq ft commercial accommodation plan at Pride Park in Derby. It has also been involved in Derby office schemes involving Porterbrook Leasing and Software AG at The Point on Pride Park, which have a combined development value of £8m.

The group's £10m Waterside Place retail park project in Ashbourne is now home to Marks & Spencer, Homebase and Majestic Wines, the company said. Work on the next phase of Waterside Business Park is to commence shortly, it added.

The group said that its house builder and construction business The Radleigh Group has "weathered the downturn extremely well" with an increased construction order.

Gadsby said: “The experience that we have gained over many years, including the last recession, has enabled us to cope during very difficult trading conditions. My team was prepared to be proactive very early on in the downturn and make some hard decisions.

“Since then they have kept a clear head; they have generated cash for reinvestment and have had the vision to diversify our interests so that we were best placed to capitalise on the development opportunities that have been available. This has resulted in a group with low borrowings and an outstanding year, particularly considering the overall economic climate.

“The banking situation remains tough and I can’t see the situation improving in the foreseeable future, so the cash reserves that we have built up over the past two years are now employed in building our developments out – in many cases without bank finance.

"The group's decision to diversify into food retailing is now paying off with five large supermarket developments -  three are currently under development and two are planned for 2011, namely Melton Mowbray and East Point in Nottingham, which is intended to be the catalyst for the regeneration of the significant Waterside area.

"Looking towards 2011, the group is set to expand its portfolio, which now extends as far afield as Yorkshire and the Home Counties."