Over its 11 year life the company acquired over 70 businesses at a total cost in the region of £105 million. Much of that was funded by bank borrowings with interest costs that had to be met out of trading profits that rarely materialised.
Eventually it proved impossible to meet the interest charges, let alone make regular repayments of the borrowings, without selling some of the acquired companies. Even that was not enough to save the group from financial collapse and the appointment of administrators from Pricewaterhouse Coopers in December 2011.
In our 8-page extensive Special Report, available free to subscribers, we chronicle 11 years of mistakes and misjudgements that combined to bring down this once ambitious public company. To read more, follow the instructions below.
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