THE Duke of Westminster’s investment vehicle saw profits more than double as its business portfolio continued to weather the recession.

Wheatsheaf Investments, which owns businesses including Chester’s Grosvenor Hotel, saw sales of £31.8m in the year to March – up 8% on the previous year.

Accounts newly filed at Companies House show that £792,000 of that rise came through acquisitions, but its continuing operations still posted a healthy sales rise of 5.3%.

That all helped pre-tax profits rise to £1.6m – up from £616,000 the previous year.

The directors said they were “pleased to be able to report a profit on ordinary activities before taxation for the year and, having regard to the continued difficult economic conditions, anticipate a satisfactory result for the year to March 31, 2012.”

Turnover at the Grosvenor Hotel was flat at £7.4m, though losses widened from £833,000 to £903,000.

During the year, Wheatsheaf bought cattle breeding companies World Wide Sires UK and Dairy Daughters.

They join Grosvenor Farms and Cogent Breeding in Wheatsheaf’s farming and breeding products arm, which saw profits rise from £1m to £1.6m as sales rose 15% to £14.4m.

Grosvenor Garden Centre, near Chester, saw sales rise from £6.1m in 2010 to £6.5m in 2011. The centre reported a profit of £59,000, up from a loss of £310,000 in 2010.

Wheatsheaf’s London-based insurance broker, Realty Insurances, saw sales rise 2.7% to £3.5m. Profits were flat at £1.4m.

Wheatsheaf is separate from Grosvenor, the developer of Liverpool One, and the Duke’s property empire.

ALISTAIR HOUGHTON