£70/hr could be the wet cost of something like a C152, or a dry cost of something like a TB20. I used to rent out my TB20 for £80/hr dry, and would have made a profit on that had I reached any reasonable level of utilisation.
The key thing is that one must not see a syndicate as what one can get out of it. That is how renters see things. But a syndicate must be seen as a group venture, and the total cost has to be recovered somehow...