MENTMORE Abbey, which leases business space, remains upbeat about future prospects, despite reporting slowing profit growth in its annual results.

The company, which has several interests in the North-East, has reported pre-tax profits of £22.4m, up 3.7 per cent before goodwill.

Mark Billing, managing director of Mentmore's In Shops venture, said: growth in profits had not been as big as it was the previous year because it decided to invest in existing properties, rather than buy new ones.

The company's Imex division, where it rents out industrial and office space to companies, is particularly strong in the North-East.

Mr Billing said: "We have a real commitment to the region and are establishing a regional office in Birtley. We have 35 business centres in the North-East, so it's quite a big area for us."

In Shops, where the company rents out retail space, is stronger in the North-East than any other part of the country, except the West Midlands.

It has shopping centres in Wallsend, Jarrow, North Shields, Consett, Washington, Chester-le-Street, Bishop Auckland, Coulby Newham, Thornaby and Middlesbrough.

A third branch of the business, renting space for personal storages, is on the look out for units.