Print Published 7th Mar 2017, 11:39

St Ives loses £28m in half year after another big SP write-down

St Ives has been hit again by very big write-downs in the amounts paid for acquired businesses, resulting in a post-tax loss of £28 million in the half year to 27 January.

The purchase of SP Group for £37 million in 2004, mainly in cash, has proved particularly unrewarding, as its reliance on the retail grocery market has proved highly competitive.  After writing off £10.2 million in last year’s accounts (see St Ives hit by £10.2m SP Group write-off), St Ives has now written off a further £23.9 million in the latest half year.