Candy brothers net £6m dividend
Sibling property design team, Christian and Nick Candy paid themselves a £6m dividend last year as their real estate development empire continued to grow, adding to their joint net worth which is over £120m.
The brothers transferred the money from Candy & Candy Holdings to their offshore business in the British Virgin Islands, according to the Daily Mail, a UK newspaper.
In accounts filed last week at Companies House, Nick Candy said they had pulled out of financing their own property deals to concentrate on design and consultancy work. The result was a £3.3m profit on turnover of £12.7m in the year to June 30, 2007.
The pair are developing a luxury apartment complex in Knightsbridge, west London, where one flat has reportedly been sold off-plan for £100m.
They are also key figures in the biggest-ever UK property deal, as development manager for Chelsea Barracks in west London. The site was sold by the Ministry of Defence to a Qatari government consortium for £959m.
Grand designs for the super-rich are said to include £4,000-a-roll silk wallpaper, marble floors and advanced technology electronic control systems.
The brothers, tax exiles in Monaco, started out in advertising and the City of London before founding Candy & Candy, reputedly with a £6,000 loan from their grandmother. They were ranked the 644th richest people in Britain in a recent list, being jointly worth £120m.
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