West Coast Capital had a “solid” year, with no external debt and equity worth more than £200m.
Sir Tom Hunter’s firm reported “significant” portfolio progress, with several investments from Winchburgh Developments noted - including three new schools coming in 2022 and the new marina opening in the spring.
The latest accounts for the investment arm of the Hunter family chose not to include profit and loss in its financial statements, criticising it as a theoretical accounting policy.
West Coast Capital lauded The Hut Group (THG) as its stand out investment, stating that since the initial stake was made, it has taken out more than £100m and still holds a “significant stake” in the e-commerce empire.
The financial statements also revealed that the company has a total equity of £9.4m and has investments worth £106.5m, compared to £127.7m during the same period last year, in THG.
West Coast Capital has other investments worth more than £84.2m.
Listed investments with a market value of £74.9m as at 31 March 2021 have seen a subsequent decline in market value to £24.2m as at the date of signing the financial statements.
However, West Coast Capital Holdings’ total assets, less current liabilities, increased from £183.9m last year to £195.6m in 2021.
The investment arm has been focusing on data analytics and property, with its total moveable investments being valued around £32.5m.
A spokesman for West Coast Capital said: “Across the portfolio our investments are held at cost or lower, however accounting convention sees us having to mark to market listed investments.
“We prefer to take a profit or loss when we sell, not on a point in time driven by a theoretical accounting policy - hence some may conclude, falsely, that in West Coast Capital Assets we took a loss on our THG position; patently we didn’t, as we continue to hold these shares.
“Last year we noted the absolute linkage between West Coast Capital’s success and Tom and Marion's philanthropy and hence we are delighted to report a further donation of £29.6m to The Hunter Foundation.”
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