Peel Land & Property Investments, a company that represents a significant chunk of John Whittaker's Peel Group empire, has made 50 redundancies and inflicted up to 40% pay cuts on senior staff.

The annual report for Peel Land & Property Investments for the year to 30 March 2020, published this week, showed a loss before tax of £22M, compared to profit of £2.5M in the previous year.

Net assets were down £20.7M to £291.4M, “mainly due to the revaluation of investment properties,” the annual report filed at Companies House said.

The wider Peel Group has an investment portfolio of £1.5B and debt of £865M, the accounts said.

The report revealed the impact of the coronavirus pandemic, disclosing 50 redundancies, and that junior staff took a 10% pay cut, with senior staff shouldering a 40% cut. Several jobs were placed on the government’s furlough scheme.

“There is an ongoing strategic plan for the acquisition, development and disposal of properties to ensure that banking covenants are met,” the report added.

The figures come as John Whittaker’s Peel Group leaves its Trafford Centre base. The relocation, after 20 years in residence, marks the end of an era for the Trafford Centre’s moving force and original developer.

The Trafford Centre is now one of 22 retail outlets whose future is being determined by the £4.5B insolvency of owner Intu, in which Whittaker is a major shareholder. He resigned as Intu’s deputy chair in July.