White Stuff posts £7.1 million loss after goodwill write-off
Fashion retailer White Stuff has posted a £7.1 million loss in the year to April 2011.This follows a write-off of £21.6 million in goodwill.
According to the Telegraph, the write-off follows a restructuring of the company which involved the creation of a new holding company and the renewal of banking facilities with Lloyds. White Stuff has debts of £19 million with the bank.
Impairment losses of £27 million resulted in the estimated value of the company falling from £115 million in April 2010 to £88 million in April 2011.
Without the impairment White Stuff would have made an operating profit of £15 million, up from £14.6 million in the previous year. Sales revenues grew 20% to £100.8 million in the year.
White Stuff was founded in the 1980s by George Treves and Sean Thomas who own 75% of the equity. The remainder is owned by the company's management.
The company operates 99 stores in the UK and one international store in Copenhagen, Denmark.
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