Snapping up several markets in London’s Camden, traditionally the home of punks and goths and an increasingly popular stop on the capital’s tourist trail, has paid off Teddy Sagi, the Israeli technology and gambling billionaire.
AIM-listed Market Tech, the holding company for his Camden market empire that attracts 28 million visitors a year, reported a pre-tax profit of just over £44 million in the last financial year. This was its maiden set of results since floating at the end of 2014 with a £750 million valuation.
Revenues reached £30.1 million, of which two-thirds came from property and the rest from e-commerce after its acquisition of two online marketing sites, Glispa and Stucco. They will deliver the software to allow Camden’s independent traders to sell over the web through the market.com online retail platform.
As well as an online platform, Market Tech, of which Mr Sagi is the majority shareholder, will seek planning permission for a boutique hotel as well as launching a co-working space for up to 1,000 people in order to transform the area into a place for “trendy” office workers as well as for tourists.
Charles Butler, the chief executive of Market Tech, said: “We have already commenced reinvigorating the unique Camden experience and truly believe that this unique 13-acre real estate opportunity combined with a worldwide integrated e-commerce strategy has created one of the most exciting opportunities in the UK.”
Market Tech’s gross rental income for April and May jumped 43 per cent to £4.4 million compared with the same period for the prior year, while its total property portfolio was valued of £753.7 million. When it bought the four markets, it was the first time in their history that they had been under single ownership.
Shares in Market Tech yesterday closed up 3½p, or 1.39 per cent, at 255½p. They were floated at 200p.