Support services provider SimplyBiz has swung deep into the red after writing down a loan to national advice firm Sandringham Financial Partners and suffering losses from its investment in employee benefits business Staffcare.
The firm reported a loss of £5.5m for 2014, compared to a £3.5m profit the previous year. Pushing it into the red was £7.2m related to ‘exceptional items' that were not incurred in 2013. Also SimplyBiz, which owns a 20% stake in Sandringham and bought Staffcare towards the end of 2013, said the write downs and impairments related to those firms were "one off, exceptional, items" which do not impact on the overall trading of the group. SimplyBiz had made a provision of £3.9m against money owed by ‘associate businesses and joint ventures', which it said it did not think it would reco...
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