Beckwiths to leave LET

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The Independent Online
THE Beckwith brothers are to leave London & Edinburgh Trust, the property group they founded 21 years ago, along with their long-time associate, Stuart McDonald, writes Jason Nisse.

Peter Beckwith, LET's chairman, is to leave the group immediately, though his brother John, who has been based in Brussels, is to remain as a consultant on some of LET's property projects in France and Spain.

The group, which was taken over by the Swedish property group SPP for pounds 500m in 1990, made a loss of pounds 138m in the year to 31 December. At the time the results were announced Peter Beckwith said that 1992 would be a year of consolidation.

Within the property world it was expected that the Beckwiths would soon be leaving the company. Their contracts were up for renewal in May next year.

A spokesman for SPP said the parting had been amicable and that the brothers would be likely to receive some form of compensation, but he could not say how much.