TRILOGY LOGISTICS REIT LIMITED
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Cash
£60m
+96.3% highest in 3 filed years
Net assets
£255m
-28.5% lowest in 3 filed years
Employees
0
Average over period
Profit before tax
-£62m
+30.9% vs 2025
Net assets
3-year trend · vs Real Estate median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-04-05
| Metric | Trend | 2024-04-05 | 2025-04-05 | 2026-04-05 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £28,281,000 | £29,876,000 | £27,692,000 | -7.3% | |
| Operating profit | £49,415,000 | -£76,060,000 | -£48,295,000 | +36.5% | |
| Profit before tax | £36,741,000 | -£89,882,000 | -£62,081,000 | +30.9% | |
| Net profit | £25,855,000 | £785,000 | -£62,437,000 | -8,053.8% | |
| Cash | £35,538,000 | £30,477,000 | £59,819,000 | +96.3% | |
| Total assets less current liabilities | £799,983,000 | £381,398,000 | £365,734,000 | -4.1% | |
| Net assets | £360,539,000 | £356,945,000 | £255,282,000 | -28.5% | |
| Equity | £360,539,000 | £356,945,000 | £255,282,000 | -28.5% | |
| Average employees | 0 | 0 | 0 | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | £39,000 | £51,000 | £34,000 | -33.3% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-04-05 | 2025-04-05 | 2026-04-05 |
|---|---|---|---|---|
| Operating margin | 174.7% | — | -174.4% | |
| Net margin | 91.4% | 2.6% | — | |
| Return on capital employed | 6.2% | -19.9% | -13.2% | |
| Gearing (liabilities / total assets) | 55.9% | 52.2% | 32.0% | |
| Current ratio | 2.40x | 0.10x | 6.34x | |
| Interest cover | 3.65x | -4.95x | -3.06x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Name history
Renamed 5 times since incorporation — the current trading name was adopted 2024-10-18
- TRILOGY LOGISTICS REIT LIMITED 2024-10-18 → present
- THREADNEEDLE CURTIS LIMITED 2020-08-10 → 2024-10-18
- MAG INVESTMENT ASSETS LIMITED 2019-03-22 → 2020-08-10
- MAG INVESTMENT ASSETS PLC 2019-03-22 → 2019-03-22
- THE MANCHESTER AIRPORT GROUP PLC 2002-01-29 → 2019-03-22
- MANCHESTER AIRPORT GROUP PLC 2001-11-28 → 2002-01-29
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue”
Group structure
- TRILOGY LOGISTICS REIT LIMITED · parent
- Parsonage Farm (Stansted) Limited 100%
- Curtis Subsidiary Limited 100%
- Trilogy Logistics REIT Investment Holdco Limited 100%
- Trilogy Logistics REIT MAN Propco Limited 100%
- Trilogy Logistics REIT EMA Propco Limited 100%
Significant events
- “On 23 June 2025, the Company restructured its property holdings by transferring its property assets at Manchester and East Midlands airport (comprising 44 investment properties) to the Propcos.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 52 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| KARIM, Shazna | Secretary | 2022-11-01 | — | — |
| COKE, James Russell | Director | 2025-04-03 | Sep 1984 | British |
| JONES, Robin Murray | Director | 2025-04-03 | Dec 1982 | British |
| STONE, Peter William | Director | 2020-12-09 | Jun 1965 | British |
| VULLO, Giuseppe | Director | 2020-08-07 | Dec 1972 | British |
Show 52 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| KAYE, Alan | Secretary | 2020-08-07 | 2022-11-01 |
| MANCHESTER PROFESSIONAL SERVICES LTD | Corporate Secretary | 2001-11-28 | 2020-08-07 |
| BURNS, Rowena | Director | 2001-11-28 | 2008-03-13 |
| CHAMBERS, Stuart John | Director | 2010-02-11 | 2013-02-28 |
| COATES, Penny Ann | Director | 2009-04-08 | 2012-01-16 |
| CORNISH, Andrew John | Director | 2008-11-13 | 2010-09-15 |
| CORNISH, Charles Thomas | Director | 2010-10-01 | 2020-08-07 |
| DAVIES, Michael Thomas | Director | 2009-04-01 | 2013-02-28 |
| DUNCAN, Kenneth | Director | 2008-03-10 | 2011-02-17 |
| GODDARD, David | Director | 2010-02-11 | 2012-05-04 |
| GOODDIE, Michael John | Director | 2004-01-19 | 2007-01-19 |
| HANCOCK, John Michael | Director | 2002-03-28 | 2008-01-19 |
| HANCOX, Michael John | Director | 2007-02-08 | 2013-02-28 |
| HARRISON, Brian, Councillor | Director | 2002-03-28 | 2010-05-07 |
| HIGGINBOTHAM, Matthew John | Director | 2020-12-09 | 2022-03-22 |
| HINDS, Charles William Victor | Director | 2003-06-12 | 2003-12-31 |
| HOWARTH, Robert Lever, Councillor | Director | 2002-06-13 | 2003-12-31 |
| HUNTER, Mark, Cllr | Director | 2002-06-13 | 2003-06-12 |
| JONES, Alan | Director | 2004-01-01 | 2008-10-16 |
| KELLER, Joyce Enid, Councillor | Director | 2002-03-28 | 2003-12-31 |
| KENNEDY, David Mario | Director | 2002-04-09 | 2007-01-19 |
| LANCASTER, David Anthony | Director | 2003-06-12 | 2003-12-31 |
| LAUDER, Stephen | Director | 2020-08-07 | 2025-03-31 |
| LEESE, Richard Charles | Director | 2010-05-19 | 2011-05-31 |
| MARSHALL, Thomas Warwick | Director | 2004-01-19 | 2010-01-18 |
| MEDLICOTT, Michael Geoffrey | Director | 2004-01-19 | 2010-01-18 |
| MILLARD, Brian John, Dr | Director | 2002-06-13 | 2003-06-12 |
| MORROGH, Christopher John | Director | 2020-08-07 | 2020-12-31 |
| MUIRHEAD, Geoffrey | Director | 2001-11-28 | 2010-09-30 |
| MURRAY, Madeline, Councillor | Director | 2002-06-13 | 2003-12-31 |
| MURRAY, Vanda | Director | 2010-02-11 | 2013-02-28 |
| NANGLE, Claire Margaret Mary | Director | 2002-03-28 | 2003-06-12 |
| O'NEILL, John Alexander | Director | 2003-06-12 | 2003-12-31 |
| O'TOOLE, John Kenneth | Director | 2013-03-23 | 2019-03-21 |
| O'TOOLE, John Kenneth | Director | 2012-01-16 | 2013-02-28 |
| PARTRIDGE, David John Gratiaen | Director | 2010-02-11 | 2013-02-28 |
| PIKE, Richard Neil | Director | 2005-09-07 | 2007-11-08 |
| PRIEST, Bernard, Dr | Director | 2011-06-08 | 2013-01-28 |
| PYSDEN, Edward Scott | Director | 2008-11-01 | 2009-04-01 |
| QUINN, Kieran | Director | 2012-07-17 | 2013-02-28 |
| RIDAL, Philip Martin | Director | 2002-03-28 | 2005-09-09 |
| RIDLEY, Horace Frederick | Director | 2002-03-28 | 2002-06-13 |
| RIGG, James Mark Alexander | Director | 2020-08-07 | 2025-10-31 |
| ROBERTS, Peter Lewis, Councillor | Director | 2002-03-28 | 2002-06-13 |
| SALMON, Margaret | Director | 2002-03-28 | 2003-12-31 |
| SMITH, Brenda Lucy | Director | 2004-01-19 | 2010-01-18 |
| SMITH, Peter Richard Charles, Lord | Director | 2002-03-28 | 2010-01-18 |
| SPINDLER, Angela Lesley | Director | 2008-01-19 | 2013-02-28 |
| THOMPSON, Neil Philip | Director | 2011-10-27 | 2020-08-07 |
| WALLACE, James Archibald Simpson | Director | 2008-01-19 | 2013-02-28 |
| WEEKS, Thomas William | Director | 2020-12-09 | 2026-04-30 |
| WILLCOCK, John Marcus | Director | 2020-08-07 | 2020-12-31 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Threadneedle Asset Management Holdings Limited | Corporate entity | Significant influence | 2020-08-07 | Active |
| Threadneedle Property Investments Limited | Corporate entity | Significant influence | 2020-08-07 | Active |
| Manchester Airport Group Investments Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Ceased 2020-08-07 |
Filing timeline
Last 20 of 276 total filings
Material constitutional events — rename, articles re-file, resolution
- 2024-10-19 RESOLUTIONS Resolution
- 2024-10-19 MA Memorandum articles
- 2024-10-18 CERTNM Certificate change of name company
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-21 | AA | accounts | Accounts with accounts type group | |
| 2026-06-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-05-13 | TM02 | officers | Termination secretary company with name termination date | |
| 2026-05-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-05-05 | TM01 | officers | Termination director company with name termination date | |
| 2025-10-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-26 | AA | accounts | Accounts with accounts type full | |
| 2025-06-17 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2025-06-17 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2025-06-16 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2025-06-16 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2025-06-16 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-04-04 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-03 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-03 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-19 | RESOLUTIONS | resolution | Resolution | |
| 2024-10-19 | MA | incorporation | Memorandum articles | |
| 2024-10-18 | CERTNM | change-of-name | Certificate change of name company | |
| 2024-09-13 | AA | accounts | Accounts with accounts type full | |
| 2024-06-14 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 7
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 2
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.