Candy & Candy, the luxury interior design and development business, reportedly made a £1.5 million loss last year.
According to the Mail on Sunday, new accounts for Candy & Candy Limited, where Nick Candy is the sole shareholder, show a £1.5 million loss, but no further details are given.
The newspaper suggested that the business has slumped as the London market has become increasingly competitive.
Candy & Candy caters for high net worth private individuals, decking out their yachts, sports cars, private jets and houses “in the world’s most desirable addresses”.
It also fitted out the interiors for the brothers’ One Hyde Park development in Knightsbridge – London’s most expensive housing block where penthouse flats have sold for up to £140 million.
The Mayfair-based firm, which employs 13 staff, is a small part of the Candy brothers’ wider property group, based in the British Virgin Islands.
Property tycoon Nick and his brother Christian are known for their lavish developments and high-rolling lifestyles.
The brothers have never disclosed their wealth, but they are thought to be worth more than a billion pounds.
Born in the early 1970s, they grew up in Surrey where their father ran an art studio and advertising production firm.
Their interest in property started in 1995 when Nick Candy was working in advertising and Christian was an investment banker.
Together they developed properties in London part-time, but within a few years were successful enough to make property full-time occupations.
In 2006, in partnership with a Qatari investor, they embarked on their most high profile deal, One Hyde Park, in central London. It involved demolishing an existing building in Knightsbridge and building 86 luxury flats with a reported starting price of £20 million. The penthouse property was reported to have been sold for £140 million.
Their business has encountered problems over the years, including a lengthy legal battle over the development of the Chelsea Barracks site in London.
The brothers accused the Qatari royal family of dropping the £3 billion plans for Chelsea Barracks in London after Prince Charles objected to the modernist development, according to the BBC. The won a partial victory in 2010.
Also in 2010, they lost millions of dollars on a property deal in Beverley Hills California, admitting that they overpaid for the site, but were also undermined by the collapse of one of their investors, the Icelandic bank Kaupthing.
Older brother Nick married the Australian singer and actress Holly Valance, best known for her role in Neighbours, in 2012. Christian Candy married Emily Crompton, described as a socialite and former nightclub hostess, in 2010.
Most recently, the brothers were embroiled in a legal battle with former friend and businessman, Mark Holyoake who had accused them of a campaign of bullying, blackmail and intimidation. The High Court judge ruled in favour of the Candy brothers, but said: “None of the protagonists emerge from the trial with great credit.”
DealMakerz doesn’t think people should read too much into the reported loss, as it is minor compared with the huge profits the business has made in the past and it doesn’t mean the money wasn’t reinvested into the company.
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