Section 172 Statement

Howard de Walden Estates Limited is the primary trading subsidiary of the Howard de Walden Estates Group. Its Board has the same composition as the Parent Company of the Group. A section 172 statement for the Group, for the year ended 31 March 2023, is contained on pages 48 to 49 of the Group's 2023 Annual Report. Whilst the Group section 172 statement does not form part of this report, it should be read in conjunction with the Group Strategic report as a whole (page 6 to 43). The Directors effect the decisions taken by the Group's Board. The Group section 172 statement provides details of the consideration given to stakeholders by Directors of the Company implementing the key decisions in the year. The Group Annual Report can be found at

The requirement

Section 172 of the Companies Act 2006 (‘section 172’) requires a Director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard, amongst other matters, to:

  • the likely consequences of any decision in the long-term;
  • the interests of the company’s employees;
  • the need to foster the company’s business relationships with suppliers, customers and others;
  • the impact of the company’s operations on the community and the environment;
  • the desirability of the company maintaining a reputation for high standards of business conduct; and
  • the need to act fairly with members of the company.

The Directors give careful consideration to the factors set out above in discharging their duties under section 172 for the Company which can be seen in the Group Annual Report as noted above.

While the primary activity of the Board is to oversee the operations of a property investment and management business capable of distributing a proportion of its profit to shareholders, the Board recognises that long-term success is dependent on maintaining relationships with all its key stakeholders and considering the external impact of the Company’s activities. The Company engages with a wide range of stakeholders to inform its decision making, including customers, suppliers, neighbouring communities, employees and shareholders, as well as considering its impact on the environment. As long-term stewards of buildings in Marylebone, the Board actively considers the views of all stakeholders and strives to find a balance between them, as it looks to continue to deliver outstanding places to visit, live and work.


The following are considered the key stakeholders of the Company:

  • Customers – Our occupiers are the centre of the community. Through careful selection, they bring vibrancy to the area and help to make Marylebone a desirable location to visit, live and work.
  • Employees – The Company cannot satisfy its other key stakeholders without our employees. They are key to the long-term success of the Company.
  • Shareholders – As a family-owned group, our family members’ interests are always considered when making key strategic decisions. A Shareholder Committee provides a platform for the shareholders to provide input on long-term strategic decisions.
  • Communities – The Company is embedded within the local community. As responsible stewards, we need to play our part in supporting the community through events, direct charitable giving and our schemes which impact upon the local environment.
  • Suppliers – We seek to work with suppliers and contractors who share our standards. When working on the estate, suppliers are an extension of ourselves, so it is essential they maintain the Company’s reputation as considerate stewards.
  • Debt providers – We maintain a close working relationship with our debt providers who play an important role in the long-term financing of the Company.
  • Local authorities – We work closely with the City of Westminster to ensure we maintain and enhance our buildings and spaces.