Print Published 20th Sep 2018, 15:38

Chime in £122m loss: £93m slashed off past acquisition costs

Chime Group Holdings, the former public company acquired for £370 million by private equity investor Providence Equity Partners in September 2015, has taken an axe to its balance sheet and written down goodwill arising from past acquisitions by £93 million.

It also incurred a £6 million loss on disposal of its stake in the Bell Pottinger public relations business after it went into administration last year.

The outcome of these and other abnormal costs in 2017 was a post-tax loss of £122 million on gross income of £280 million.  Net assets were halved to £148 million while net borrowings rose to £227 million.