Business
MDC Posts First Year Loss
The MDC is wholly owned by taxpayers
The Manx Development Corporation has recorded a loss of nearly £180,000 in its first year of operation.
Set up to encourage the development of brownfield sites, the MDC is wholly owned by taxpayers.
Of the £178,523 total loss for 2021/22, £69,675 was attributed to wages and salaries, £50,203 to directors’ fees and £17,248 on rent, rates and service charges.
In its report, the MDC’s directors said: ‘The company has developed proposals for a number of prominent Government-owned brownfield sites in Douglas. Our first project, the redevelopment of the Former Nurses Home on Westmoreland Road, went from project start to planning approval in less than nine months. We expect to have further planning approvals in place during the six months following the date of this report.
‘As at the Statement of Financial Position date, the Company was entirely funded by equtty capital. As development activity progresses this will change to a mix of equity and debt funding. It is the intention of the company that, over time and through its development activities, it will generate retained earnings that may be remitted to its shareholder. Clearly, material revenue streams will only come on line once sites are redeveloped and available for sale or lease.’
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