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.

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.