The Accounts · daily brief
4 October 2026
Design Consulting winds down, board pay doubles at Tenpin
The takeaways
- Design Consulting files on a break-up basis, transferring its trade and assets to Wealth at Work
- Operating profit falls sharply at William Grant & Sons, but a £47.1m finance credit lifts the bottom line
- Board pay more than doubles to £1.2m at Tenpin, while operating profit falls 20% despite rising sales
Hiring signals · who grew, who shrank
Hiring
- Hawthorn Timber Limited 103 → 132 staff ▲ +28% staff cost +31%
- Waymo Uk Ltd 26 → 32 staff ▲ +23% staff cost +30%
Cutting
- Hollingsworth And Vose Company (U.K.) Limited 202 → 187 staff ▼ −7% staff cost +1%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
Design Consulting Limited
Design Consulting Limited is a Liverpool-based specialised design agency operating as a subsidiary of Mercatus Bidco Limited, which is ultimately controlled by the US private equity firm Aquiline Capital Partners following a 2022 change in ownership.
Filed on a break-up basis — the business is being wound up.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £781k | £1.4m | ▼ −43% |
| Gross profit | £591k | £1m | ▼ −42% |
| Admin expenses | £1.3m | £1.4m | ▼ −9% |
| Operating profit | −£678k | −£384k | ▼ −77% |
| Profit before tax | −£678k | −£384k | ▼ −77% |
| Net profit | −£678k | −£384k | ▼ −77% |
| Cash & balance sheet | |||
| Cash | £115k | £174k | ▼ −34% |
| Net assets | −£571k | £107k | ▼ −634% |
| People & pay | |||
| Avg. headcount | 8 | 12 | ▼ −33% |
| Staff cost | £787k | £869k | ▼ −9% |
Filed on a break-up basis as the business is being wound up. Following what the filing describes as "several periods of disappointing trading", this Liverpool design agency is ceasing operations. Turnover nearly halved to £781k, while operating losses widened to £678k, leaving the balance sheet with £571k in net liabilities. The trade and assets are being transferred to another group company, Wealth at Work Limited.
William Grant & Sons Distillers Limited [1]
Operating from the Glenfiddich Distillery in Scotland, the company is a subsidiary of the private, family-owned William Grant & Sons group, responsible for distilling and blending major global spirits brands including Glenfiddich, Balvenie, and Hendrick's Gin.
Finance credit lifts
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £522.1m | £560.9m | ▼ −7% |
| Gross profit | £30.7m | £50.7m | ▼ −39% |
| Admin expenses | £30.2m | £24.8m | ▲ +22% |
| Operating profit | £460k | £25.9m | ▼ −98% |
| Finance costs | £13.4m | £30.3m | ▼ −56% |
| Profit before tax | £34.2m | £26.7m | ▲ +28% |
| Net profit | £25.8m | £20.9m | ▲ +23% |
| Cash & balance sheet | |||
| Cash | £53.2m | £39.2m | ▲ +36% |
| Net assets | £684.8m | £659m | ▲ +4% |
| People & pay | |||
| Avg. headcount | 1,087 | 1,046 | ▲ +4% |
| Staff cost | £65.1m | £64.9m | ▲ +0% |
| Director pay | £729k | £1.2m | ▼ −41% |
| Highest-paid director | £389k | £534k | ▼ −27% |
The distiller behind Glenfiddich and Balvenie saw core trading contract, with operating profit falling from £25.9m to £460k on lower sales. However, the bottom line reflects a different trajectory. A £47.1m finance credit pushed pre-tax profit up to £34.2m, highlighting the impact of balance sheet structure during the period.
Stratford City Jv Business Manager Limited [2]
The company provides real estate management services for a joint venture, operating as part of the Euronext-listed commercial property developer and operator Unibail-Rodamco-Westfield (urw.com).
Non-cash profits
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £180.9m | £172.3m | ▲ +5% |
| Gross profit | £133.4m | £125.5m | ▲ +6% |
| Admin expenses | £21.6m | £24.6m | ▼ −12% |
| Operating profit | £156.5m | £165.2m | ▼ −5% |
| Finance costs | £34.5m | £37.3m | ▼ −8% |
| Profit before tax | £124m | £130.1m | ▼ −5% |
| Net profit | £123.6m | £129.4m | ▼ −5% |
| Cash & balance sheet | |||
| Cash | £53.5m | £57.1m | ▼ −6% |
| Net assets | £946.5m | £885.4m | ▲ +7% |
| Dividends paid | −£62.5m | −£54.5m | ▼ −15% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
The Westfield Stratford City management vehicle booked a slight dip in operating profit to £156.5m, though the top line rose to £180.9m on higher rental and car park income. As is standard for property groups, the profit figure includes non-cash items, with unrealised fair-value movements contributing £44.6m. The filing also notes the refinancing of a £750m secured bond, extending the maturity out to 2031.
Tenpin Limited [3]
Operating via tenpin.co.uk, the business runs a UK-wide chain of bowling alleys and indoor entertainment venues under the Tenpin brand, acting as a private subsidiary of Ten Entertainment Group Ltd following the take-private of the formerly listed Ten Entertainment Group plc.
Squeezed margins
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £146.5m | £142m | ▲ +3% |
| Gross profit | £93.4m | £92.8m | ▲ +1% |
| Admin expenses | £62.8m | £55.8m | ▲ +13% |
| Operating profit | £29.5m | £37m | ▼ −20% |
| Finance costs | £10.5m | £9.5m | ▲ +10% |
| Profit before tax | £19m | £27.4m | ▼ −31% |
| Net profit | £14.4m | £24.7m | ▼ −42% |
| Cash & balance sheet | |||
| Cash | £11m | £11.6m | ▼ −5% |
| Net assets | £80.2m | £82.7m | ▼ −3% |
| Dividends paid | −£17.5m | −£15.9m | ▼ −10% |
| People & pay | |||
| Avg. headcount | 2,343 | 2,188 | ▲ +7% |
| Staff cost | £35.5m | £31.5m | ▲ +13% |
| Director pay | £1.2m | £485k | ▲ +145% |
| Highest-paid director | £458k | — | |
The bowling operator recorded a 3% increase in turnover to £146.5m, while higher costs saw operating profit fall 20% to £29.5m. A sharp rise in administrative expenses accompanied the margin contraction, alongside directors' remuneration more than doubling to £1.2m. The group also paid out £17.5m in dividends during the year.
Aig Europe (Services) Limited [4]
The company acts as a UK-based services and administrative subsidiary for the global non-life insurance corporation American International Group Inc (aig.com).
Leaner headcount
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £137.5m | £127m | ▲ +8% |
| Admin expenses | £132.5m | £124.2m | ▲ +7% |
| Operating profit | £8.3m | £2.8m | ▲ +199% |
| Profit before tax | £10.5m | £4.9m | ▲ +113% |
| Net profit | £8.6m | £4.2m | ▲ +107% |
| Cash & balance sheet | |||
| Cash | £3.5m | £3.5m | ▲ +1% |
| Net assets | £53.3m | £59.7m | ▼ −11% |
| Dividends paid | −£15m | £0 | |
| People & pay | |||
| Avg. headcount | 376 | 384 | ▼ −2% |
| Staff cost | £92.7m | £95.2m | ▼ −3% |
This UK administrative arm of a US insurance group operates primarily to service its parent and fellow subsidiaries. Operating profit nearly tripled to £8.3m as turnover climbed 8% to £137.5m, while average headcount trimmed slightly to 376. The period also saw a £15.0m dividend paid to the parent company, following a year with no distribution.
White City Acquisitions Limited [5]
White City Acquisitions Limited is a property development subsidiary controlled by the listed European commercial real estate group Unibail-Rodamco-Westfield, operating from the Westfield London estate.
Back in black
| Line | FY24 | FY23 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £75.1m | £79.5m | ▼ −6% |
| Gross profit | £42.5m | £44.8m | ▼ −5% |
| Admin expenses | £227k | — | |
| Operating profit | £77m | −£170k | ▲ +45385% |
| Finance costs | £14.5m | £13.9m | ▲ +5% |
| Profit before tax | £62.5m | −£14.1m | ▲ +543% |
| Net profit | £62.5m | −£14.1m | ▲ +543% |
| Cash & balance sheet | |||
| Cash | £300k | £300k | ▲ −0% |
| Net assets | £958.1m | £915.3m | ▲ +5% |
| Dividends paid | −£19.7m | −£21.5m | ▲ +8% |
| People & pay | |||
| Avg. headcount | 0 | 0 | |
| Director pay | £0 | £0 | |
Another Unibail-Rodamco-Westfield property vehicle, this time operating at the Westfield London estate. A slight dip in turnover to £75.1m accompanied a swing from a prior-year loss to a £77.0m operating profit. The balance sheet remains substantial, with net assets climbing to £958.1m during the period.
Whether you're pouring a Glenfiddich or bowling a gutter ball, it always pays to check below the line.
Sources
- William Grant & Sons Distillers Limited
- Stratford City Jv Business Manager Limited
- Tenpin Limited
- Aig Europe (Services) Limited
- White City Acquisitions Limited