Writtle Holdings, the privately owned marketing group that acquired Loewy Group and Arken POP International last year, as well as a lot of related debt, has reported a post-tax profit of almost £1.4 million for the year to 31 December.
Unusually for a purchase by a private company, the Loewy acquisition was effected by a share exchange that resulted in Loewy’s former private equity backers becoming shareholders in Writtle (see Writtle completes acquisition of Loewy). Loewy had bank overdrafts and other borrowings of £8 million at the time of acquisition and those liabilities have now been assumed by Writtle.
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