Didn’t they do well?
Regeneration game’s £1bn potential
WHEN Teesworks Ltd began filing accounts, it became clear just what a bonanza Chris Musgrave and Martin Corney were given.
By March 2024 Teesworks Ltd had made profits before tax amounting to £96.4m. Of this, £8.7m had been paid to STDC as dividends under the pre-November 2021, 50/50 arrangement. That meant £87.7m for the stake controlled by Corney and Musgrave – but this was after payments to their company, DCS Industrial Ltd, of £47.4m. At this stage, then, they had made around £135m pre-tax profit for themselves. (Although STDC owns 10 percent of Teesworks Ltd, under the November 2021 deal, it won’t be entitled to any of Teesworks Ltd’s profits until these exceed several hundreds of millions of pounds.) Not bad for four years without investing or risking a penny, as Teesworks Ltd’s accounts confirm.