THE Duke of Westminster’s investment vehicle showed declines in sales and profitability, but its diverse operations remained in robust states.

Wheatsheaf Investments includes a hotel, garden centre, farming, breeding products and insurance broking.

The business is separate from his vast property empire and Grosvenor, the company that built and owns Liverpool One.

Wheatsheaf’s turnover fell 8% to £29.4m in the year to March 2010 with pre-tax profits down 76% to £616,000.

The directors said: “During the course of the year, the hotel, farming and breeding product businesses were adversely affected by the economic downturn, which led to a loss of consumer confidence and a decline in sales.

“Conversely, the garden centre business proved more resilient and reported year-on- year growth in sales while the insurance broking activities maintained a constant level of earnings.”

The Chester Grosvenor Hotel saw revenues slip slightly to £7.4m, although its losses reduced by 13% to £833k.

Its farming and breeding products operations – Grosvenor Farms and Cogent Breeding – endured a marked fall in its performance. Pre-tax profits fell £3.5m to £1.0m as sales dropped £3.2m to £12.5m.

Grosvenor Garden Centre, in Chester, increased sales by 18% to £6.1m and moved much nearer to a break-even position as losses were reduced from £1.1m to £310,000.

Insurance brokers Profits at Realty Insurances fell 20% to £1.39m although turnover was only down 1% to £3.4m.

Its fund management and holding companies didn’t contribute anything to Wheatsheaf’s turnover, but added losses of £634,000, down from £1.72m.

ALEX TURNER