COLCHESTER Council’s commercial company had a turnover of £4.2 million last year and made a £286,000 profit, new figures have revealed.

Colchester Commercial Holdings Limited’s annual report reveals the money will paid to the council as a “dividend”

The council, which is the sole shareholder in the firm, said the money will be reinvested in “good quality homes and services for the businesses and residents of Colchester”.

Colchester Commercial Holdings Limited is made up of three subsidiary companies - Colchester Amphora Homes, Colchester Amphora Trading and Colchester Amphora Energy.

The report also reveal an estimated 211,000 visitors attended events hosted by subsidiary Colchester Amphora Trading Limited in 2018/19.

Through Colchester Events Company, Amphora Trading hosted a total of 481 events at the town’s council owned venues Castle Park, Colchester Castlel, Colchester Town Hall, Charter Hall and Old Heath Recreation Ground.

Some of the most successful events include Colchester Food and Drink Festival, which had an estimated 10,000 visitors, Octoberfest, which roughly 6,000 attended, and pop group Simple Minds’ concert, which drew a crowd of 5,000 people. Craig David’s performance in Castle Park earlier this month is not included in the statistics.

Councillor Nick Barlow, chairman of Colchester Commercial Holdings Limited, said: “Launching a company during unpredictable times like this is a challenge. Launching three of them is perhaps more than most would recommend, but I’m proud to say that the employees of CCHL and its three subsidiary companies have risen to meet that challenge throughout the last year.

“It’s been a privilege to be the Chair of CCHL’s Board during this first year of operations and I’d like to thank my fellow board members for the hard work they’ve put in to putting the company on a solid foundation for these initial stages, ready for future growth and development.”

Last year Amphora Tradin also worked on the delivery of a £30 million capital programme on behalf of the council, including phase two of an office build project in Sheepen Road.

The firm also helped secure £18 million in external investment for Colchester Council projects last year, including £3.2m to continue the roll out of the town centre ultrafast fibre network.

Amphora Homes has just agreed terms to purchase four sites from the council in order to deliver 300 homes, including 30 per cent affordable properties.

The report will be discussed by Colchester Council’s governance and audit committee on Tuesday.