Wembley to develop land around Twin Towers

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Wembley, the leisure and gaming company, which last year sold Wembley Stadium to the Football Association for £103m, yesterday said it was examining options to develop the 75-acre site around the stadium.

Wembley, the leisure and gaming company, which last year sold Wembley Stadium to the Football Association for £103m, yesterday said it was examining options to develop the 75-acre site around the stadium.

Unveiling half-year profits up by 7.5 per cent to £14.4m on turnover down £1.96m at £56.31m, the company said it had "emerged revitalised" from the sale of the Twin Towers. The shares closed up 9.5p at 547p.

Nigel Potter, chief executive, said the project could include building retail outlets, offices, hotels and conference facilities on the 50-acre area owned by Wembley and 25 acres it does not own. He said: "We are examining costs [and] working on producing a planning application."

Mr Potter said the redevelopment could lead to the sale of the site, currently valued in the company's books at £50m.

In the half to 30 June the strongest contribution came from the US, where the group owns 1,700 video slot machines and a string of greyhound tracks. In the UK, growth was driven by the Wembley Complex, including Wembley Arena and a conference centre. Profits at the UK greyhound operations and Keith Prowse hospitality arm fell.

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