MWB plans 200p a share cashback

PROPERTY group Marylebone Warwick Balfour is to sell all its assets over the next four years, and has promised to return at least 200p a share to shareholders by the end of 2005.

The group, the majority owner of Regent Street department store Liberty, and hotels and serviced offices, also posted a first-half pre-tax loss of £88m, from a £4m profit last time.

This was mostly due to a one-off asset writedown of £91.5m. But poor trading at its serviced office division led to an operating loss of £12.5m, from a £3.2m profit last time. The refurbishment at Liberty left the shop trading from 27% less space than in 2000. However, sales fell just 20% to £22.6m.

Pre-tax losses for Liberty's AIM-listed holding group Retail Stores narrowed to £2m from £2.5m.

MWB chief executive Richard Balfour-Lynn said sales had improved in January and February and 'shot straight up' since the new-look Regent Street building opened this month.

MWB is also raising £20m - by placing new shares at 80p each - which it plans to invest in the various businesses to get the best price. Bryan Myerson is joining as non-executive chairman and previous incumbent David Marshall will stay on the board.