TEESSIDE
All right for sum...
Eight-figure returns all round for Teesside’s jammiest businessmen, as new accounts for the company brought in by regional mayor Lord (Ben) Houchen on his flagship regeneration project reveal that the businessmen who own it pocketed more than £30m in 2024/25.
Despite minimal income in the year for Teesworks Ltd (£5.2m from flogging scrap), reflecting the men’s inability to find tenants for around 1,600 acres of developable land, cash from a previous land deal and scores of millions of pounds from scrap on the site in earlier years, enabled companies controlled by Chris Musgrave (living in Dubai) and Martin Corney to extract £29.7m in dividends from Teesworks Ltd. Another of their companies was paid £2.5m in commissions on this year’s scrap sales.