Adair property firm in the red

OIL tycoon Robert Adair’s listed property firm, Terrace Hill, has seen the value of its assets fall by a quarter as it slumped to a £10 million loss in the year to 30 September.

The company knocked £22.5m off the value of its property, largely its residential unit, which it is planning to sell over the next year to 18 months.

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Adair, who is also chairman of Melrose Resources, said there were “some very positive aspects to our business” in the last year, including “strong growth” in its foodstore development programme and a £39.3m reduction in net debt to £51.4m.